So it looks like they built something around the 50-round P90 magazine and being a pistol (with presently ambiguous brace possibilities), it does not have to be as long as the PS90. With the longitudinal magazine, it's still long, but a size that I'm comfortable carrying nevertheless.
Chad Enos, Keltec, has said with the growing popularity of the 5.7 (referring to Ruger's introduction last year), "ammogeddon" notwithstanding, the 5.7x28 will become "like a normal cartridge." I disagree. First, as a reloader, I know the 5.7 is anything but "normal" or at least the best performance from it requires substantially beyond what is "normal." Also, I believe the cartridge generally has poor performance for most purposes. I formerly held it in regard because it seemed to offer a competitive edge through innovation. The 9x19mm can hardly be regarded as innovative after more than 100 years. However, after more careful consideration and experience, I've come to realize why the 5.7x28 has remained mostly obscure up to this point and to the conclusion that it mostly sucks compared to far better alternatives.
I believe Keltec has simply found something that will sell more guns -- a solution looking for a problem that nonetheless will see buyers, especially in this market, snatching it up because they can.