My guess is that it was quicker to lathe the barrel back in the day in that manner. I have one with the last two steps turned off and it shoots very well. The 8x57 is a very viable cartridge, pretty much on a par with the venerable '06. Just make sure, if you want a rifle with more power than the 30/30 or .32 SPL that you buy European ammo for it (or after market stuff). Most of the Euro stuff is loaded WAY hotter than American loaders load theirs. I use Sellier & Bellot 196gr loads in both of mine. It's a good stiff load. 2592 FPS and 2924 FPE for their 196gr load.
http://www.chuckhawks.com/forgotten_8x57.htm
