It's not really a 'new' round, it's really a revival of a very old round, the 33WCF, now in more modern guise. Case capacity is nearly identical, so really this is nothing terribly earth shattering. Take the 33WCF, and add a modern rimless case, modern pressures with modern powder and you have the 338 Federal.
Quite possibly one of the most sensible of the new cartridges lately, and it'll certainly get the job done. It lacks the glitz and blinkenlights of the other new cartridges that are much less sensible, but more sensational. I predict it'll disappear before long, which is a shame. There's no reason why this couldn't be the 'next' 30-06 among cartridges