All that you've ever wanted to know about the cartridge and its various applications can be found here:
458 SOCOM forum.
Short answer:
You can get a quite a bit more out of it, since you're not limited to the 36k PSI max pressure needed to keep the cartridge from tearing an AR-15 apart. Combined with the higher achievable pressure levels, the longer barrels likely to be found on bolt guns give another slight boost to velocity.
Long answer can be found by following the link above and reading for a few hours.
I recently considered converting a Ruger 77 short action to .458 SOCOM (I already have a 16.25" AR chambered for it). After quite a bit of thought, I decided against it, though.
For starters, magazine capacity would have only been 3 rounds. For the use that that rifle would be intended for, that isn't enough to satisfy me.
Additionally, the fat, stubby cartridge would be somewhat of a pain to get to feed reliably - even with pointy bullets like the Hornady FTXs and Barnes TTSX. The rebated rim also presents a feeding challenge, in that you have to get the cartridges to sit higher in the magazine, in order for the bolt face to hit the rim instead of the case body.
I tried weighing those factors against the fact that I could push heavier bullets to higher velocity than in an AR, but the benefit seemed negligible.