Originally Posted by
Pommy
Bit of a black or white absolutist question.
What makes a cartridge obsolete? When you cannot buy new rifles chambered in it? In which case yes (not counting the Ruger #1). When ammo companies stop making ammo for it? In which case no. When it's no longer issued by any military/service? In which case pretty much unless you're a Bangladeshi police officer.
Like Tentman says, ballistics of the cartridge are close to that of 308 Win. But the <$200 TradeMe specials that shoot it are a +/- century old and odds are they are pretty well clapped out. If you want something that will hold its own against a modern, scoped, bolt action rifle you will need to up your budget or revise your plan.