I have both and have used both for years...from a practical standpoint the 416 Rem is the best of the lot...from a nostalgic standpoint the 404 takes the lead..

I'm a romantic I suppose, so my favorite caliber in a bolt gun is the 404 Jefferys, done up right in a classice British rifle or British rifle configuration...

If its plastic, stainless steel, please use the 416...

Results in the field are exactly the same as to killing power, effectiveness, stopability etc...