Always interesting to read ... thought I might add a few comments, having developed the .458 SOCOM ...
A little history: when we set out to develop the round, only two big bore AR calibers were known to us, the 45 Professional and the 50AE. We did find the 499LW, but in speaking with Paul, they had not decided on the final design, and had not ordered any brass. The 50 Beowulf did not exist as the folks at Alexander were still working at Leitner-Wise at the time ... So we then set out to design our own. As to caliber - at the time, very few 50 cal bullets were available, and the heaviest around 300 grain. We wanted a wider selection without having to custom order and wanted heavier bullets. So we chose 458 as they are widely available, and it gave a benchmark to compare performance, the .45-70. And the original idea had come from the Barnes 458 x 1.5" cartridge so it seemed reasonable. Also, with the "50 cal" legislation looming, we thought we would hedge our bets. One last consideration - when we asked around, the people we talked to agreed that headspacing on the case mouth tends to detract from accuracy, compared to using a shoulder. By necking down to 458 we got the shoulder we wanted, and thus the caliber seemed a good choice.
Brrel length - indeed, extra inches don't mean much, the 24" barrel upper got 2144 fps max, whereas the same round clocks 1900 fps from the 16" barrel - not worth the extra weight.
Accuracy - Peter Pi Jr at CorBon recently shot a 0.5" group at 100 yards with the 24" barrel upper and a 4x scope. He stated he had never seen a big bore shoot like that. Hey, if he likes it, who am I to argue?
Necked to 308? Unfortunately, best we can tell, this causes too much bolt thrust and the lugs will shear off the bolt ... I'd love to make it work but haven't found a way yet ...
Sabots - the commonly available 50/30 sabots are for 0.510 caliber (50 BMG) and won't fit in the 0.500 Beowulf. The 45/35 (blackpowder) sabots are for 0.451 caliber and don't work worth a lick in the 0.458 ...
Performance - to me, the two rounds are close enough that I see no real advantage one over the other in terms of ballistics.
Price - Alexander Arms would appear to have access to better sources (co-located at Radford Arsenal) and with Gov't contracts can finance the Beowulf from other projects. If we use retail pricing for all the components plus $100 labor, the cost of one upper is $763.50 ... considering our dealer price is less than the $865 retail, we are not financing a luxurious lifestyle with this round.
Hope that sheds some light on why we chose the 458 ... as to which is better, let everyone make their own decision, we like ours, but can't claim any major difference to be honest (but we like to think we were the first to offer this type of round commercially)
Marty ter Weeme
Teppo Jutsu LLC
Home of the .458 SOCOM