jwp,
It will be interesting to see how the .17 WSM does in the long run compared to the .17 HMR, but I've shot both and no, the WSM doesn't totally outclass the HMR. On warm summer days (when much .17 HMR shooting takes place) the standard .17 HMR load with 17-grain bullets at 2550 fps usually gets 2600-2700, and the new .17 HMR load for the Savage autoloader gets about 100 fps more. Have chronographed a couple brands of .17 WSM ammo, and one only got 2900 with a 20-grain under similar conditions, though the other did get the advertised 3000.
The other factor is that the .17 HMR immediately appeared in a bunch of affordable rifles, and almost all shot very accurately. The most affordable .17 WSM rifle is hit-and-miss, literally, and most others cost more than the average hunter wants to pay.
The .17 HMR definitely outclasses the .22 Magnum on small varmints, because it’s normally more accurate, drifts less in the wind, and shoots flatter—and these days the ammo is also far more available. I suspect the .22 Magnum is being turned into a niche cartridge for larger varmints, and the .17 WSM will take a big bite out of it at that end too. There are too many .22 Magnum rifles and handguns out there for the round to ever become obsolete, but it’s niche has definitely been invaded by the .17 HMR and WSM.
