I also have a couple 223's, including both a bolt action and semiauto that are quite accurate, but rather loud, and perhaps even over-powered for some small-game and varmints.
I kept looking for something 'lighter' than the 223, but accurate enough that I could count on 'hits' out to a couple hundred yards, for times when I just want to win a bet on who can hit a golfball first, or (with the right bullet) shoot small game out past the 75 yard limit I've self-imposed for 22 LR. . .
Candidates I've messed with:
- a) 22 WMR
b) 17 HMR
c) 22 Hornet, and
d) 17 Hornet
Although I've not compared all four of the 'candidates' in identical types of rifles, I have messed with:
- a) 22 WMR in lever action rifles (Ruger 96/22) and handguns (Single Six, NAA Mini-revolver, Kel-Tec PMR30),
b) 17 HMR in lever action rifles (just bought a 17 HMR barrel and installed in on a Ruger 96/22Mag - takes about 5 minutes to swap the Ruger 96 from 22 WMR to 17 HMR and back), and a breakopen Handi-Rifle.
c) 22 Hornet in bolt action rifles (Ruger 77/22H, Savage Accu-Trigger) and handgun (Contender 14"), and
d) 17 Hornet in a breakopen carbine (Contender).
The 22 WMR is definitely able to extend the 'reach' of the 22 LR, but is still subject to the whims of rimfire ammo and with 'availability' currently an issue, it can mean getting all sighted-in and comfortable with one brand/load, then having to re-do it all or settle for one that is less accurate but available. The Ruger 96/22Mag is pretty accurate when scoped, but not as accurate at 100 yards as my 223's.
The 17 HMR is clearly more accurate (in my hands) at 100 yards in the Ruger 96 vs. the 22 WMR; partly due to flatter trajectory so less holdover guessing if range is unknown, and partly may be due to the shorter time in the barrel for my unsteadiness to mess things up. The gun was the same Ruger 96, so no variation in trigger etc. In the breakopen gun (with 40x scope ) it is at least as accurate as my 223's at 100 yards, but of course the tradeoff is much less power if I'm shooting game vs. paper.
I of course like the reloadability and 'nostalgia' of the 22 Hornet, but am still shooting up my factory loads I got 'for the brass' and haven't been all that impressed with inherent accuracy; it sounds like this is the same experience others have had. It seems 'spotty' and accurate with the right gun and right reloads, so I haven't given up on it, plus I like the Ruger 77/22H a lot. I could go with a 'K-Hornet' modification perhaps.
However, the 17 Hornet has way less 'drop', like the 17 HMR vs. the 22 WMR, and that extends my accurate-shooting range, plus seems to be more accurate anyway (though comparing a Contender rig with it's "perfect" trigger to anything else is a bit unfair). Power-wise, it seems to be nicely niched between the 22 LR and the 223 - I wouldn't want to have 17 Hornet as the only thing between 22 LR and 243 Win or 6mm Rem, but with the 223 there for a decent amount of power and accuracy in a 'loud' cartridge, the 17 Hornet fits nicely.
I know there is the 17 Win Mag rimfire out there, but it isn't all that 'hotter' than the 17 HMR, and is still a rimfire.
I don't know how hard 17 Hornet will be to reload vs. 204 Ruger, but I have the dies, and a Harrel's powder measure that is accurate down to the sub-ten-grain range.
P.S. I just put ten 17 Hornet bullets in a dime-sized group at 100 yards...and I was just shooting at an 'aiming point' while chronographing. Light wasn't right and I couldn't get them to register so was irritated, but kinda happy when I went to take down the paper.