I own an old 7400 in '06 and an A-Bolt II in 270 WSM. If I could only have one of them, I think I'd pick the '06. Ammo is still cheaper and easier to find, but our local Wal-Marts have started carrying multiple loads in the 270 WSM. For deer, I think the 270 WSM is a fantastic cartridge. Same goes for other, similar-sized game. For elk, I'd guess it's a little small. I'd go with a 30 cal. or above for elk, bear, etc.

One thing to note: my 270 WSM kicks harder than my '06. Part of the reason's certainly the semi-auto vs. bolt action thing. Still, the WSMs are starting to develop a rep for sharp shoves.