It's not bad on meat at all, if you shoot them behind the shoulder in the ribs (vitals). I've shot a few with my .257 Wby, and it did virtually no meat damage, even up close, with the 110gr Accubonds.
After building my .25-06 Ackley Improved, I would be hard-pressed to buy another .257 Wby. I can get .270 Win brass very easily, and forming them is just a little extra work. My velocities are eerily close to my .257 Wby velocities with both when pushing identical bullets. Both push over 3,300 fps with Berger 115 VLD's, but the .25-06 AI does it with about 10gr less powder. And brass life on the .25-06 Ackley is better thanks to the 40* shoulder, as compared to the radiused (venturi) shoulder on the belted Wby case. Also, not to mention the significantly lighter recoil and smaller muzzle blast, when compared to the .257 Wby.
Don't get me wrong, I still love my .257 Wby, but the .25-06 AI is slowly becoming my number one 1/4-bore caliber.