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.338 Magnum Rounds is a weapon attachment in Battlefield Hardline.
One Hit Kill Range
Magnum rounds increase the 1 hit kill range to about 20 - 25 meters. The rate of fire and the reload speed are 50% slower when magnum rounds are equipped. It cannot instantly kill an enemy if he has the Armored Insert, or if the shot hits his legs. The damage drops off to a minimum of 50 damage, less than if you were to not equip magnum rounds.
Bonus Damage to Vehicles
The .338 Magnum rounds do somewhat more damage to vehicles where helicopters and cars can take about 15 - 30 damage when shot in critical spots. Otherwise it will do about 5 - 8 damage per shot. Magnum rounds do not do any sort of damage to heavy armored vehicles such as CATs and spawn vehicles.
Overall, the .338 Magnum rounds do not give any boost to range against infantry, unless playing aggressively, and only gives a real boost in damage to vehicles when hitting critical spots. Otherwise the bonus damage is negligible.