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The #1 idea that needs to be mentioned every time when discussing 5.7x28mm is that the only way FN could get 50 rounds to stack up with no curve in a P90 was to design a perfectly straightwalled cartridge.
This necessitates the use of a dry lube/ polymer coating... which Federal/ American Eagle did not do.
There are 2 spots for the winners of the upcoming 5.7 wars:
1) He who can produce SS195LF spec range ammunition at a good price.
2) He who can produce SS198LF spec duty ammunition and demo good performance for the cartridge.
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The other need for the coating is to keep the brass from sticking in the chamber under cycling, and allows the neck to grow, vs stretching the brass and ripping the head off. ALL 5.7x28mm loads currently use FN sourced brass, and ALL of those pieces of brass are coated. AE TMJ, SS197SR (rumored to be discontinued), Speer Gold Dot, are all loaded by Fiocchi USA, and all use FN brass.
Elite Ammo ventured into brass production 5-6 yrs ago, but was way ahead of market demand, and the ROI wasn't there for smaller players to buy that brass vs pull down AE TMJ/etc and re-use. R&R Weapon System was using some of that brass and a coating they developed that seems to work. Vanguard Outfitters has started producing their own 5.7x28mm brass as well and are tooled up for OE supply. If these smaller guys are doing it, the size of PSA/AAC would make me think they could do it successfully.
The SS192/195/198 bullet is OK, but it needs to be going 2400 fps from the pistol to break it's poor under penetration performance. Where it's at for performance ammo in 5.7 are LONG copper solids under 34gr. Designs like that have been proven winners with ballistics in this caliber.
If AAC is indeed going to be making 5.7 ammo, they could easily dominate the space by doing 1 thing FN/Fiocchi has failed to do the last 10yrs since around the time AE TMJ was introduced; Mechanically crimp bullets. The factory uses a glue and no mechanical crimp. The AE TMJ and SS197SR aren't that long, and this leaves less bearing surface for the glue to hold on to, vs SS190/L191/SB193/SS195/198, etc. This allows the round to easily fail to bullet set back in many of the 5.7 actions, because they all lack a traditional feed ramp. This is a very well known problem on the PS90/P90. I experienced it the other day on the P50 as well. The handguns are better, but it still happens :D
@Jman_JJE how does the guy who review all the 5.7 goodness get his mitts on one before everyone else :D