a couple of other quotes;
VARMINTING--Remington Plans 17-221 Fireball Factory Rifle: Remington has confirmed plans to release a factory varmint rifle chambered as a 17-221 Fireball. We have no firm dates for a product launch, but we expect the new rifles to be available in the first quarter of 2007. Currently, Remington offers just one 17-caliber chambering, the .17 Remington. That is available as a Model 700â„¢ BDLâ„¢ or Model 700â„¢ LV SF. Given the efficiency of the Fireball case, we can expect a 17-221 to comfortably reach 4,000 fps with a 20-grainer, and Remington sources have hinted that a 4000-fps factory load will be offered. In 17 Mach IV wildcat form, shooters are reporting 3,850 fps with 25 grainers. From what we are told, the 17-221 will have a slightly longer neck than a 17 Mach IV. That means you won't be able to use Cooper Arms' loaded 17 Mach IV ammo. We haven't seen a blueprint of the new Remington brass yet, so we don't know if the shoulder is the same, with just a longer neck. Accordingly we're not sure whether the current 17 Mach IV full-length dies will work. But you should be able to neck-size the case with a Redding .221 Fireball Type-S die with smaller bushings. You'll find a lengthy discussion of the new 17-221 Fireball in this thread on Saubier.com.
17 Mach IV
Historical Notes:
Introduced by the O'Brian rifle company of Las Vegas, Nevada, this cartridge was intended to offer simple case conversion and good ballistics. It succeeded on both counts but could not compete against factory chambering, i.e. the 17 Remington.
and again;
As wildcatters will with just about any new factory fodder, they promptly deemed the .221 Remington Fireball in need of tweaking. An obvious modification involved the caliber of bullet the case could handle, and Vern O’Brien, a gunsmith from Las Vegas, NV, made it work with a .172-inch bullet by necking down the brass and giving it a 30-degree shoulder. His .17 Mach IV wildcat loaded with a 25-grain bullet produced a muzzle velocity of about 3,850 feet per second. O’Brien built made-to-order rifles chambered in the cartridge starting in the mid-1960s, with other custom gunmakers soon doing the same. Enthusiasm for the .17 Mach IV made it a standout among mini-bore wildcats, and the .17 Remington Fireball closely follows its design.
As you can see, the mach IV came out about 40 years ago. Some dudes did it with a 30 degree shoulder, some with 40 . speeds were varying, but 4000 fps with a 20 grain bullet was the low benchmark. Like I said, Mr. H., here in Houston has been shooting this round for many years, and has handloaded to speeds up to 4300 fps, or very close to it. He just gets a better accuracy when he slows them down to the 4000 fps area.