Norma
tried to bring the 7x61 S&H closer to 7mm RM ballistics by changing the wall thickness of the brass and thereby increasing internal capacity, which was when the headstand changed from 7x61 S&H to Super 7x61. The big advantage, other than efficiency you point out, is the ability to use a std. 30-06 length action. The other big contributor to muzzle velocity in large capacity cases is barrel length. One has to look at this carefully when comparing rifles of like or similar chambering.
Remember when Winchester introduced the 264 Win Mag...the westerner had a 26" barrel in order to allow all that powder to burn and contribute to specified muzzle velocity. When they came out with the M70 Featherweight they did so, for a while, in 264 with a 22" barrel. Not only did MV suffer but the rifle turned into a fire breathing dragon...it really depressed appetite for the cartridge. Put that case in a rifle with the proper length barrel and it shines as a long range rifle. Like a lot of things in the firearm arena, there are certain case designs that are head and shoulders above other similar designs, but many that are kissing cousins. The 7x61 and Rem 7mm Mag are two of the latter imo.
I love my Schultz and Larsen. Mine is the first iteration...54J. Some don't like the cock on closing and the rear lugs, but I have never minded these features. I've shot enough 1917 Enfields and Lee Enfields to be comfortable with the cock on closing feature. Regarding the rear locking lugs, Frank McKee, arguably one of the best Hunter rifle shooter in recent memory shot Rem 781s, hot, a lot with no brass issues. The S&Ls are prolly one of the best semi-custom used rifle buys around imo, next to the Browning/FN Safari, Medallion and Olympian bolt guns, provided you scan them for salt wood.