What is a premium bullet? The trouble is that I'm a Gunnut, so by definition I have to try the new and improved but often I have come to find that there are some bullets that do a specific job conspicuously better than others. If they are premium, then so be it.
If I want a bullet that will absolutely not ricochet under any circumstances, I will choose the Nosler 55 gr .243 Ballistic tip. It is pretty tough to get a bullet to be explosive on contact, yet still offer enough penetration for humane kills. I crop geese with a rifle from time to time, and I found that light SX's and Blitz's from a .22 centerfire while deadly on a frontal shot, would break-up on the wing and not penetrate beyond that when a broadside shot was made. It's never happened with the .243 55 gr BT, so for my purposes it's the best tool for the job.
I don't very often use medium caliber rifles that drive bullets faster than 3000 fps, but we commonly see velocities for some cartridges that can reach well beyond 3000 and 3500 is no longer uncommon. Simply constructed jacketed lead core bullets were never designed to perform properly at these velocities, and this is where the "premium" bullet is not only the best option, it's the only option. With rare exception, a bullet that comes apart inside the target is a failure. Some folks believe that a bullet that grenades inside a game animal is desirable, but there are a number of problems with such performance. Most importantly, penetration is compromised and a humane kill is impossible with a head on or a going away shot, and becomes questionable on a quartering shot. The correct bullet for the job assures sufficient penetration from any angle to kill the animal cleanly.
The A-Square Bullet Triad, takes this to a highly refined degree. The triad is made up of; the Lion Load, a thin jacketed bullet with a frangible core that is designed to act like a varmint bullet inside big cats, the Dead Tough, a bonded core soft point, and the Monolithic Solid, a monometal solid. All 3 bullets when loaded to the appropriate velocity are supposed to hit the same point of aim, and at the outset I thought this was a wonderful concept. When I asked about the Lion Load when I was in Tanzania, my PH Mark Sullivan, who isn't shy about voicing his opinion, told of numerous failures of the lion load. the problem of course is that the lion is not always shot broadside, and head on the bullet would break up on the heavy bones of the head or chest. When you choose a bullet, you want it to work from any direction.
Dangerous game is another area where the premium bullet can be worth while. I carry Ben's 325 gr hard cast WFN bullets in my .44, and load them for some of my friends as well. Because this bullet outperforms anything else I've tried in a .44 magnum revolver, for my purposes it's a premium bullet. Pounder has decided he likes Ben's 480 gr FN hard cast bullets for his .458 and .45-70 rifles. Again for his purposes these are the best bullets available, so can be considered premium.
X bullets tend to bug me, but I keep buying them. If you have a heavy bullet and a light bullet in the same caliber, and the expanding portion of both bullets is the same length, the heavier bullet, which should be better on a heavy game animal, has little advantage over the lighter one, but the lighter bullet has the disadvantage of needing more velocity to penetrate to the same depth. The heavier bullet should produce a larger wound volume at lower velocity, and the bullet's integrity is surer at lower velocity. Instead a longer shank remains on the heavier X Bullet, which can negatively effect straight line penetration. I think this shows that some premium bullets aren't as good as they could be. My favorite dangerous game bullet is the .375 caliber 380 gr Rhino. At only 2300 fps from my .375 Ultra, and producing up to an inch of expansion, there is no land animal on the planet that can stand up to it.
If I ever am in a position to return to Africa, and have the doubtful need of a solid, there are some important elements to be considered. Very often solids fail, and they can fail in two ways. The first is the failure of the copper over steel jacketed lead core solid. Because the bullet strikes the target in a yaw rather than nose on, the base of the bullet often flattens, and then, especially in bullet designs with tapered noses, the bullets follows the path of least resistance and straight line penetration is compromised. The second failure is of the mono-metal bronze solids. Due to their mono-metal construction they are by necessity longer than a lead core bullet of similar profile. This additional length makes the bullet less stable during penetration as there is a tendency for long non-expanding bullets to swap ends during penetration. The best choice is to choose a lighter for caliber bullet, and boost the velocity to make up for the difference in mass. In .375 caliber a 270 gr mono solid would be a better choice than a 300 gr mono solid. The best and typically the most expensive choice is the bullet that has a heavy tungsten core. These bullets tend to be shorter in length, and the ones I know about all have parallel sides, the combination of which ensures straight line penetration.
If we leave the hunting fields and visit the bench rest shooter, we find another kind of premium bullet. This shooter's bullets must be a clone of each and every other bullet. Identical is not close enough. Could this shooter be happy with a .224 55 gr Remington PSP or a .308 165 gr Corelokt, of course not, but his Sierra MK's or his Lapua Scenars consistently hit the same hole. Sounds like premium performance.