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Newton's formula I believe is useful but also limited. The TKO figures can also shed some light though they are less scientific. Both leave out of the picture the type of bullet being used though, but both do shed some light on downrange effectiveness IMHO.
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The increase in the effect of caliber is increased by the better bullets we have now. IIRC, and this has now radically changed with the advent of the monometal bullet: 2150 fps is ideal for stopping calibers. Ackley enlarged case size, so he could get the same, or more velocity, with less pressure, hence the 450 Ackley. It will push a 500 grain bullet 2300 fps, yet with less pressure, it approaches the 35k nitro express, and gives you the 2150 the NE 450 produces. Now, if you push conventional bullets past 2600 fps, you start having bullets come apart,
hence the perfection of the 375, which, by the way, is only surpassed by the 9.3 x 62. However, now, you can take advantage of those 2300 fps, or more with a lighter 458 bullet, using such bullets as this:
http://www.gsgroup.co.za/03fn.html
Barnes uses this as well, and, if they weren't so expensive, might well be a great solution to a combination of penetration, higher velocity, great opening, and consistency...