There is truth to the fact that there is a point of diminishing returns. There is quite a bit of difference between a projectile that weighs 0.35 grains going 250 fps and a bullet weighing 180 grains going 250 fps, however. I do believe the 7mm Remington Magnum is one of the greatest cartridges though.
I've got a 7RM 1:8 26" Bartlein that I exclusively feed 195's and I keep playing with rebarreling into 28, but for the life of me I can't bring myself to give it up. I worked a redlined load up w/66.5 gr RL26 and I was getting ~2930fps out of it, albeit with slight ejector marks. Ended up dropping back to 71.7 gr RL33 @2810 fps since i was eating primer pockets alive after a few firings. I've got the red mist for going fast too, but it seems like all the brain damage isn't worth that 80 fps.
Sorry for the hijack...