It is an exceptionally accurate cartridge, but has a couple of drawbacks for "Precision" and by precision, I guess I am referring to long range precision.
The precision game is all about using bullets with the highest possible ballistic coefficients. The 7mm 180 Berger is king of the hill... it is a suPERB bullet, but the 7-08 simply lacks the horsepower to make this bullet go fast, so you are in the position of settling for lesser BC bullets, and since BC is the name of the long range precision game, it is not a great choice.
If you take that same case an neck it down another millimeter and a bit, you have the outstanding 260 Remington. This is a 7-08 (or a 308) with a 6.5mm bullet, and it really rocks. The 140 Berger is not far behind the 7mm 180 for BC and this cartridge easily gets it above 2800 fps, and that is a real sweet spot.
Less recoil, equal or better accuracy and better bullet selection trumps the 7-08 in my mind, but there are many that really love the 7-08.