Has anyone else seen this? It's a 338-08 basically, but Federal made it legit and called it the 338 Federal. Here is add data from their website.
VitalShok® .338 Federal®
Federal Premium® is proud to introduce the first centerfire rifle cartridge to bear its name. Hunters around the country bucking the magnum trend are sure to welcome the arrival of .338 Federal. This unique new cartridge was designed in conjunction with Sako and gives big game hunters a wider diameter bullet for more weight and overall energy on target-without the recoil of a magnum. Built on the .308 cartridge case and necked-up to hold a .338 diameter bullet, this cartridge offers hunters a faster muzzle velocity than the .308 Win., and heavier bullet weights. It provides more muzzle energy than a 30-06 Spring. and equals that of a 7mm Rem Mag. This non-magnum cartridge boasts a short action configuration for short bolt throw and provides magnum energy for devastating performance on game. Federals groundbreaking new cartridge will be available in three Premium offerings: Nosler® AccuBond, Partition® and the Barnes® Triple-Shock X-Bullet.

Click on Product Description for Ballistics
FEATURES & BENEFITS
Magnum energy without the magnum kick
More muzzle energy than a 30-06 Spring.
.338 bullet generates 150-200 fps more velocity than a standard 308 Win.
Short action configuration for quick bolt throw and faster reload
Designed for ultimate performance on medium and large game
PART NO. DESCRIPTION
P338FA1 338 Federal 180-Grain Nosler AccuBond
P338FB 338 Federal 210-Grain Nosler Partition
P338FC 338 Federal 185-Grain Barnes Triple-Shock
Looks like a potent short action round.