Well, now, tuc, if you're shooting an '06, and the published velocity w/26" is 2,900 vs. a 20" barrel giving you 2,500 to 2,600, that's a bit over a 10% difference.
If you're shooting a running deer (90-degree path) at 200 yards, the travel time for the faster bullet is right at 1/4 second. For the slower bullet, a half-a-tenth more, roughly. I figure a running deer at about 30 mph, or 44 ft/sec. .05 sec = two feet of lead.
The more you gotta lead him, the harder it is to hit him. It's worse at 300. I can tell you, faster is better. Lead is just as important as trajectory.
And just to throw jokers into the deck, figure one 26" guy who's found out about Federal High Energy, and another 20" guy who hasn't. The question: Whose odds are better?
Now, I understand what you're saying, but a lot of guys can't tell the difference between 250 yards and 400 yards. Heck, I've seen people call a 100-yard range 300 yards! Which is why flat-shooting magnums are used: It ain't 'cause of the "killing power"; it's the flat trajectory for those who can't estimate the range.
Granted I handload, and shoot a lot more than the average fella, with hunting on my mind. But when you walk a fair number of miles trying to kick Bambi out of bed, your only shot is somewhere between 20 yards and 400 yards, and he's in fifth-gear overdrive, you need every edge you can get.
But that's why it's fun, I reckon...
, Art