One big difference from the 5.7x28mm will be the price of the round. But I can see the similarities in ballistics.
I think a lot of people will be happy with it as a rimfire. Like you said though I anticipate a .22 WSM at some point, it won't get as much velocity as the .17 but it will be hotter than a .22 magnum.
As far as armor piercing PDW goes, if this caliber comes out in a full metal jacket it would probably be more applicable to that than the v-max. But to an unarmored threat, a 20-25 grain v-max bullet hitting at 2600-3000fps is going to produce serious internal injury. Negligible recoil to the shooter helping ensure that bullet after bullet hits its target. I guess another question will be who will develop the first semi automatic for it.
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