I don't have an Elk (the handle was too small for me) but I do have a Buffalo, and their blades are so close to each other that you would need to see them side by side to tell the difference. The Elk has a little more belly out front, whereas the Buffalo's point is a tad finer. The scope of work for either would be pretty much identical.
Either is a strong, well made heavy duty fixed blade. They'll easily remove smaller limbs from green trees, split kindling, quarter an animal, etc. Even though they're hollow ground (as are all of Ray's knives) it's one of the better hollow grinds for an outdoors knife as it's not an overly deep bevel, and the convex edge spreads material out well enough to not have the knife bind when doing splitting and similar chores.
Pretty much, it's good at (actually slightly better than) a USMC fighting knife in pretty much all general knife use that you'd ever likely put it to, and suffers from the same curse that haunts all knives in the 7" range: namely, being a jack of all trades and master of none. It's not a scalpel, nor a splinter picker, nor a chef's knife, nor a fillet knife, and it can't skin with the thinner geometries or chop with the big bowies, though it could certainly do a relatively decent job of any of those knives' tasks in a pinch (food doesn't have to be sliced thin to be edible, and if you were lucky enough to find a tomato out in the wild, why on earth bother slicing it?). Combined with a decent compact saw and a SAK or multi-tool, there's very little you couldn't do. Actually, with a decent saw and SAK or multi-tool, the Elk would be a tad superfluous, though there are a few tasks that it'd be nicer to have it around for.
It's a neat knife, well made and simultaneously both modern and classic, so if you like it, jump on it. Even though they don't have an ENORMOUS following on these boards, I also notice that Entreks in general don't seem to hang around the sale area very long, so if you're disappointed after some use you could always get rid of it, and if you're disappointed before the use--right when you open the box--return it!