OK, I've had a chance to read up on some Swedish forums, and a person in Finland commented about the .408 CheyTac. He's had an opportunity to testfire it, and his comment was that there's a lot of hype surrounding it. It's not bad, according to him, but it doesn't outperform the .50BMG, and it packs a hell of a lot more recoil than the .338 Lapua Magnum, so it wasn't really better. He also pointed out that the ballistics test that they have published involves their own precision bullet for the .408 while they tested against ordinary 12.7x99 M33 Ball. He did his own comparison with his handloaded 12.7x99, with 50g(773gr) bullets of Warren Jensen's, i.e Lost River's, own manufacture(The same company that makes the bullets for the .408 Cheyenne, btw...), and it outperformed the .408 Cheyenne in every aspect, and reaches a BC of 1-1.1 according to testing. He also commented about the .338 Lapua Magnum. In the comparison with the .338 Lapua Magnum, they used a 16.2g(250gr) Scenar bullet, when there are better bullets with higher BC's available, such as the 19.44g(300gr) Sierra Matchking available. He's personally reached 0.8BC.
So, it's pretty interesting when the company doesn't even dare to compare their .408 to their own 12.7x99 ammo.