I just picked up a Stevens 200 in 7mm-08 and have been playing around with 120 grain Nosler BTs. They actually have a very good BC, at .417. I can get ~3020-3050 fps with 42.5 grains RL15, WLR primer, and a necked down Lake City surplus .308 case, bullet seated ~.02 off the lands (so quite a long neck). Accuracy looks good at 200 yards, but I unfortunately haven't taken it farther out yet.
The numbers put it pretty favorably against the heavier bullets per JBM ballistics. A 162 grain Amax at 2650 drops 12.1 MOA and drifts .4 MOA/mph at 600 yards. My load should drop 10.7 MOA and drift .5 MOA at 600 yards. So it seems to shoot flatter, and with virtually the same drift. At least on paper....
I have some 162s, but haven't had a chance to play with them yet.