My theory was that what we have here is a modernized 22 Hornet with a stronger case that will take many more reloads than the venerable Hornet while providing similar if not the same performance.
Yesterday at the shooting range, my son came to me with an unidentified piece of brass that he picked up there. I whipped out my magnifying glass to read the tiny letters on the base and discovered that I was looking at the elusive 5.7x28mm cartridge brass.
So - naturally I could not wait to get it home and compare it to a piece of 22 Hornet brass.
( Click image to see it bigger )

A bit less case capacity - but it operates at higher pressure.
All of the data I have found for the 5.7x28mm shows velocities from a pistol barrel. - Does anyone know of a a quote concerning rifle velocities with this cartridge?
To my knowledge, there is only one 5.7x28 sporting rifle at this time, the Savage model 25, which is a great rifle but a bit too pricey for me at 700 bucks or so.
Just for fun, I stuck a 55 grain V-Max bullet in the empty 5.7x28mm case. - It looked like one of those "whisper" rounds because it was too much bullet for the case. - I can imagine what it would look like with a 70 grn bullet stuck out front!
I think I remember 35 grn as the heaviest bullet shown in reloading data for the 5.7x28. For my purposes light bullets would be best, to cut down on the potential for ricochet.
It sure looks like it would be great around the farm, for the kind of shooting I end up doing with my 17HMR. - But reloadable.
Neck it down to .17 caliber and I bet we would have a fairly popular wildcat, a lot like a scaled-down .223 Winchester.