Well it is really no match for any centerfire. It is used for about the same things you would use a .22 mag for. However it offers a slightly flatter trajectory and in most cases better accuracy if it isn't windy.
It shines on game woodchuck sized or smaller out to 150 yards, maybe 200 if your a good shot. Some shoot medium sized game as well, which is why they came out with the 20 grn XTP rounds.
As far performance, the v-max's are devastating on small game. If you want to eat it you better shoot it in the head. They lack penitration though on larger tougher game. I think this round was really designed as a medium range P Dog killer. The 20 grn XTPs are a heavier controled expansion bullet that penitrate better and carry more down range energy.
It is probably the most fun you will ever have with a rimfire, but I wouldn't compare it with a .222 or a .223. I mean you can shoot the same type of bullet but much heavier and at faster velocities. So your range and effectiveness on game (amount of damage they will do) is much higher.
Here is a great link if you are interested in the 17 HMR
Varmint Al's
Paul