Some info I've collected so far:
Please correct me if I'm wrong.
-5.56 AK mags are rather hard to find compared to the rest (unless come september, the NATO countries begin importing them en masse).
-7.62 gets very innaccurate past 300 meters. A smooth AK74 (5.45) will have a noticable recoil which is marginally greater than a (relatively) hard-kicking .22LR rifle. Expect an AK74 to shoot 2-4MOA, with 5.56 being marginally more accurate (only with good (not russian) ammo, though), and 7.62 being marginally less accurate [also, with Russian ammo, accuracy can vary alot between rifles and brands].
-With 7.62 and 5.45, and current ammo availability, you're basically limited to lead-core FMJ (which is just fine in the case of 5.45, if you're shooting at anything soft, and not covered with NIJ level IIIA+ armor) (HP and SP cycle unreliably in most AKs, and is basically only good for hunting where FMJ isn't allowed). 5.56 is basically available in all flavors (duh).
-No AK-specific (military) optics calibrated to 5.56 (unless the 1P29 comes with a 5.56 cam, which I don't think it does).