The .303 is the lightweight of the bunch, though. Hard to believe many aircraft machine guns were in that caliber well into WWII. I have an old Ross, but it is incomplete and until I get a round tuit and go over it pretty thoroughly, I won't shoot it (straight pull action). Maybe I will pick up a SMLE, just to check it out.
The .303 is often compared with the .30-40 Krag, but its ballistics are closer to .308. The 174 gr Sierra boattail is what I use, I never liked the 200 gr although if I were going after bear I might change my mind.
The .308 develops a little more more velocity with the same weight bullet. I can get 2500 out of a 174 in a .303, but that is really pushing it and accuracy suffers, while the .308 will do 2800 easy.
I think where you really notice the higher case capacity and bigger energy potential in the .30'06 is in the heavier weight bullets. The .308 is very unhappy with 200 gr and Hodgdon doesn't even recommend a load for the 220, but the .30'06 will still heave a 220 out there at 2400 fps.
I have an SMLE in .303. It’s a pain to shoot because of the constant cleaning due to corosive ammunition. I also have an Ishy Enfield in 7.62 Nato (which is sometimes incorrectly called .308)