Nothing magic about it. It is the 308 Win., necked down to 7mm, very similar to the 243 Win, which also has it's parent case being the 308 Win. All three bullet diameters, .308, .284, and .243 have VLD bullets, for the long range types, and good hunting bullets for critter shooters.
Me personally, I keep looking at 7mm-08, but I have four 308s, in various rifles and handguns, so I convince myself I don't need one. Even for a 6mm/.243 rifle, I went with a 6mm Rem., over the 243 Win, for the extra powder capacity, and a longer necked case. So I guess I am a "Tree-O-Eight" is good enough curmudgeon.
But if I was looking for a good deer rifle today, and didn't have history with the 308 Win, I would definitely consider the 7mm-08 for my deer rifle.
Squeeze
P.S. With this said, I do have a 260 Rem., which is again a 308 Win, necked down to 6.5mm. Now that one makes sense to me. Gets to use the excellent bullet choices in 6.5mm, and is in a short action rifle, yet comes with enough powder capacity to move better long range bullets along at respectable velocities. It probably doesn't make sense to the average shooter, that purchases factory ammo, but to a hand loader, it is a great option.