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The Savage model 99, combined with the .300 Savage, is a very capable short-to-medium range rifle, suitable on a wide selection of game, up to and including elk (as a previous poster has mentioned). It still has plenty of "oomph" at 3-400 yards, but bullet drop becomes a major factor here, and I wouldn't want to rely on my own ability to gauge where the bullet is likely to impact at those ranges.

It's basically a round that comes pretty darn close to .308 Winchester ballistics, chambered in a lightweight, fast handling rifle. While I've never used one for hunting, I have shot my grandfather's old 99, and it's a pretty pleasant shoot. It vastly outperforms the .30-30 and, I'm given to understand, was originally loaded pretty close to the .30-06 of the time (150 grain bullet @ 2700 fps, info garnered from Cartridges of the World, 10th Edition).

Ammunition for the .300 Savage isn't as common as other cartridges. The round and the rifle pretty much went together; while other rifles have been chambered for that cartridge, it's my belief that the cartridge has survived solely due to the Savage model 99s that used it. AFAIK, no rifles are currently being chambered for it; the new ammunition you see is around simply because there are so many old Savages still around, still being used as big-game rifles. The advent of the "super-magnum" rounds kinda killed it as a new production cartridge, but too many old hands still hunt with it to justify discontinuing ammunition production. That alone speaks volumes to me about the quality of the cartridge.

I've never heard of a Savage 99 wearing out. It's possible, I presume, but just check it over to make sure there's no bore obstructions or pebbles in the action, and it ought to be okay. If you're still unsure, by all means, let a gunsmith do a once-over to set your mind at ease.

Had I that rifle, I'd hunt nearly all game short of moose or grizzly with it, without a moment's hesitation.