First off, the comparision is very hard to make between these two. They both shoot a 338 cal bullet, thats where the similiarities end.
The 338 Edge, which Shawn deserves full credit for as he has worked with this round more then anyone else I know is a great round. For a big game rifle that is portable and offers long range performance it is amoung a very few that I would recommend.
Its relatively easy on barrels and rifles as a whole. Brass is affordable and the round is easy to load for, just one of those rounds that is easy to get to shoot. While the performance does not seem to be "sexy", its really very near the top of the heap when it comes to conventional 338 magnum performance. THe list of advantages is long and complaints on the Edge very short.
For a user friendly, high performance long range rifle very hard to beat.
Now for the 338 Allen Magnum. As Shawn has stated, its the top fuel dragster of the group. You will be burning 145-150 grains of powder per shot in a rifle that will be at least 15 lbs ready to hunt with, even for single shots. Repeaters are much larger and much heavier and more expensive.
As far as reloading, no different at all then any other 338 cal magnum as I supply fully formed correct headstamped cases so no fireforming is needed. Just costs more for the brass. Finding that "best" accuracy load for the 338 AM will likely be a bit more challanging then for the Edge but in all the 338 AMs I have built, one load has produced 1/2 moa accuracy right off the bat. That being 142 gr H-50BMG under the 300 gr SMK. It is not an overly hot load but will push 3300 fps in a 33" barrel length.
If shear performance is your goal or your in areas where wind is a REAL concern, the 338 AM is a great choice and will make hits at longer range easier then with any of the smaller 338 magnums. Is it the best choice for every situation, certainly not. I buld far more 338 Edge rifles then 338 Allen Magnum rifles. This is simply because the Edge is better for more situations then the 338 Allen Magnum.
So what will the 338 Allen Magnum do that the Edge will not, extend your range. Who really needs a range longer then what the Edge offers, no one really but with some of the newer aluminum tipped bullets, the 338 AM WILL offer super sonic velocity past 3000 yards. Something that no other shoulder fired, conventional rifle will offer to my knowledge. I have personally fired three shot groups at 3010 yards that measured 3/4 moa in ideal conditions out of a 19 lb Xtreme Heavy Sporter of mine. That is something no lesser 338 magnum will offer. Still, that is specialized work and not something everyone needs. The limited number of guys that even have 3000 yards to shoot out to shows how limited this purpose really is.
When used properly in their best applications and roles, there are no better rounds then the Edge and Allen Magnum but these roles tend to be much different. Enough so that they really can not be compared head to head because its to easy to spin the numbers in favor of shear performance when that is hardly what should be under consideration when choosing the correct round.
I had dozens of customers that I would actually talk out of the 338 AM because even though they thought they wanted one. Once I found out what they really wanted in a new rifle, it was not the 338 Allen Magnum which would serve them best.
This is the main reason I came up with the 338 Allen Xpress. As always, I wanted a bit more then what was already out there. Now certainly there has been a 338 Lapua Improved for some time. My design is a bit different in design but nearly identical in performance.
This round and the Edge can be placed in the same performance class. The Edge will get you 2850 fps in a 30" pipe with the 300 gr SMK, the 338 AX will get you 2950 fps. Some of my customers are pushing the AX to 3000 fps. Many wanted the 338 AM but were a bit spooked by its relatively short barrel life so that is another reason for the release of the 338 AX.
Yes, the 338 AM is hard on barrels but for its intended use, its got plenty of barrel life for even 10 years worth of long range hunting for even the most serious hunter. I will generally not recommend a 338 AM for someone that is getting a first long range rifle and strongly recommend that if someone wants to "plink" or practice or shoot groups at long range, to get something a bit easier on barrels. Once they have that type of rifle, then the 338 AM can be used for their specialty work at long range.
It would be hard to say any of these three would be more accurate then the others. That would greatly depend on the quality of the ammo used, the shooters ability and the quality of the rifle. SInce only Shawn and I have a 338 Allen Magnum reamer, I believe the rifle quality would not be an issue.
Simply put, these two rounds are far more different then similiar so they really can not be compared. They design goals are completely different. Both great rounds.