I am experimenting with the same bullet only in 30 cal 155 and 168gr. My thought is that it really depends on impact velocity. The amax is not going to work well as a penetrator at 100yds but may make an excellent choice at 500yds and beyond.
My test with my 300 Weatherby showed that at short range (100yds), the Amax penetrated 2/3 as much as a ballistic tip. Shot into milk jugs - BT blew up 3, amax blew up two with very little damage to the third. I make three milk jugs as a min. now.
However, at long range with reduced vel, the amax may open up in a more controlled fashion. My thoughts are that under 2000fps impact vel, the amax "will" work like a BT at 2500fps. This would be great on deer size game.
This was reinforced by watching my friend hit a moose a very long ways out (no rangefinder at the time but took 20 min. to walk out to it in the bush) with a 120gr BT from a 7 Rem mag. Blasted through to the offside shoulder. Moose took one step and died. Dressed out at 700lbs of meat!!!
Going to do some penetration/expansion tests when it warms up. Will post results.