.308 for elk at 500 yards?? What if its a big 5 or 6 point? You guys would go with it? I have a good theory for elk and bear hunters. It goes something like this. If you can shoot a magnum accurately, by all means take it and use it. Elk are big tuff critters as well as bears, I personally wouldn't use a .308 for elk at 500 yards but then again, those of you who suggested it know 10x more than I do. I would opt for at least the 30/06 in my opinion, as much as I dislike the cartridge to begin with, but I think it would be much better for elk at 500 yards. But actually in my mind, I dont think you should shoot at elk 500 yards unless you have a magnum, to many things could go wrong. There is not much recoil difference from 30/06 to 7 Mag, but like others said, it depends on quite a few things.
Anyways, I second the Leupold VX2, 6-18 Target. I have one on my 25/06 and bought one for my soon upcoming sendaro in .300 Win Mag. They are only $430 out of midway. Probly find them cheaper elsewhere, but midway has been good to us. They are real good scopes, clear, tracking is perfect everytime out to 600 yards as far as I can tell. 6-18 is power is perfect for my deer and elk hunting needs as the shots are LR no matter what the game I am after. I also have the older vx2 6-18 that I sent back to the factory to get the elevation knob installed for use on my Ruger Target 22-250. Real good all around scope for $430!