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The Lapua needs a very large action. A .340 Roy or a .338 Remington Ultra Magnum will do as much (or slightly more) in a shorter (.375 H&H) length action. They are cheaper as well.
I have nothing against the Lapua round, it needs an action that can house a .460 Weatherby or a .416 Rigby. That is a significant strike against it in hunting rifles that can be carried.
Having done a little more research on this subject today, I agree with the above post. The principal advantage of the 338 LM appears to be the availability of the excellent Lapua brass. However, Nosler brass is now available for the 338 RUM which makes it more appealing in a hunting rifle.
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Re: 338 Lapua Hunting Rifles