Quoted:
Buy a dedicated .22. Then buy a 5.56.
+1
That pretty well sums it up. Believe me, we've all gone through it. You have limited funds, and you want to get something that gives you maximum flexibility. A full-sized .223 can isn't all that bad on the end of a short .22 rifle, but it's terribly cumbersome on a pistol.
Also, a .223 can is optimized for use with a high-pressured round, and a dedicated can is going to be optimized for the lower pressure of a rimfire. The smaller rimfire can will often sound better with .22 even though the centerfire can is larger.
I ended up buying a .223 can that is the same size as most .22LR cans. Being that small, it is only rated for semi-auto .223 fire. Looking back, I should have just gone with a dedicated .22 can and bought a centerfire can later on. As noted, the can is not as quiet as a dedicated rimfire can. Also, it is still kind of loud on a 16" AR15. Any more, I only use that can for full-auto .22 (for which it is rated) and on a long-barreled single-shot .223.
I've since bought another can for .22LR, and I'm waiting on a full-sized .223 can.
The other can gets 95% .22LR through it anyway.