In 2007, this is how I looked at the situation:
With a scope mounted 2" above the barrel and the rifle sighted in so
that the bullets only goes 1" above the line of sight:
1) 17HMR 2550 fps 17 gr bullet 1" below line of sight at 137 yards
2) 17HM2 2010 fps 17 gr bullet 1" below line of sight at 107 yards
3) 22WMR 1875 fps 40 gr bullet 1" below line of sight at 118 yards
4) 22LR 1640 fps 32 gr bullet 1" below line of sight at 99 yards*
*but goes subsonic around 70 yards and looses accuracy
This range is much longer than the 22LR, but costlier.
1) The 17HMR is 22 cents to 25 cents a shot.
2) The 17HM2 is 10 cents to 14 cents a shot.
3) The 22WMR is 12 cents to 14 cents a shot.
4) The 22LR is 4 cents to 10 cents a shot.I bought a lifetime supply of 17M2 ammo when it was cheaper than Hornady would have charged for just the bullet.
I bought a 17M2 reamer.
I built a 10/22 with Majestic Arms 17M2 barrel with Lothar Walther liner, Power Custom handle, STS trigger, etc.
It has two major problems:
1) It will shoot two holes touching at 50 yards, and the third is a flyer. I have to wait for the barrel to cool.
2) Sometimes there are case head failures.
Wear your safety glasses at all times when shooting a 10/22 17M2.
Where am I now in 2014?
My best candidate for 17M2 conversion is this 1947 Winchester 75:
The barrel unscrews, the trigger is good, no collector value left in this $250 pawn shop purchase. Someone shortened the barrel and mounted a Bushnell phantom pistol scope.
This 1948 Win 75 shall remain unmodified like Dorian Gray.