Just another point, the 7x57 come in both mild and high pressure loads. The higher pressure loads are comparable to modern 308 Win, and that makes it plenty powerful enough.
I have a S.A. contract Mauser in mint condition, and all matching. I picked it up for $700, and I wouldn't trade it for double that amount.
They used to be fairly easily had, but now they are as scarce as hens teeth, like all other "good" milsurps. Expect to pay a premium for one, but don't pass one up.
It is easily the best rifle out of the 12 or so rifles I've owned.
I purchased two brands of 7x57 ammo to test out:
Sellier and Bellot / S&B (made in Czech Republic)
-- for target/range use --
•140 Grain FMJ
•Muzzle Energy : 2525 ft-lbs
•Muzzle Velocity : 2850 fps
Prvi Partizan (made in Serbia)
-- for mid-size game hunting (deer) --
•173 Grain SP
•Muzzle Energy : 2323 ft-lbs
•Muzzle Velocity : 2461 fps
The S&B compares quite favourably to typical 308 Win military FMJ:
•145 Grain FMJ BT
•Muzzle Energy : 2596 ft-lbs
•Muzzle Velocity : 2838 fps