I can see this cartridge being somewhat useful in a carbine or submachinegun, but not from a pistol.
Oddly enough, I find exactly the opposite is true. (except for the part about submachine gun).
From a PISTOL, it is useful, as it puts an SBA-piercing-capable weapon into a *concealable* unit. Unlike standard handgun rounds.
In a non-concealable LONG GUN, it doesn't matter whether the barrel is 11, 14, 16, or 30 - a carbine is a carbine is a carbine. As long as you're going to use a CARBINE/LONGGUN during which the whole world at large can see that you're carrying a gun, then why on earth would you limit yourself to a round that is puny by comparison with the already somewhat anemic (arguably), that being the .223/5.56? The answer of course is, to reduce recoil and muzzle blast. The problem with that is, there is absolutely no need to reduce the recoil and muzzle blast from the already-quite-tame-in-that-department .223/5.56, in semi-auto form. So you're needlessly handicapping yourself.
Now, in full-auto mode, it's a different story, because the P90 is touted as being *UBER-controllable* in full-auto, as opposed to merely "highly" controllable in an M4 type weapon. The uber-controllability allows one to hose a target repeatedly with pinpoint accuracy, which works well in degrading soft body armor with each successive shot. You can just focus in and stay on the heart/lungs of the enemy wearing SBA, and keep it right on target until the SBA falters, using pinpoint precision like the controllability of the old gangster's typewriter, the Thompson. So it's marginally useful if yours is full auto..anyone on here got a full-auto one?
In addition to the full-auto reasoning, the 50 round capacity instead of the 30 round capacity of a standard mag of an M4 type weapon can help in an intense engagement which is very short-lived, in which a mag change could take time and get you killed. 20 more rounds is well, 20 more rounds. Now, again, do those for sale to US have those extra 20 rounds? No, they castrated them. Castrated them needlessly under the law, I might add. So the two features which make the P90 potentially useful are BOTH negated in the civilian version.
So now we're back to teats on a boar hog. $1,600 teats mind you.
Now, the only conceivable reason for the usefulness of the semi-auto, 30-round civilian version (other than pure fun or coolness, which are indeed an end in themselves), is if there were some off-the wall scenario where you wanted a "semi-concealable" high capacity longgun, which for example, could conceal under a trench coat with a shoulder strap holding the carbine in the armpit area, as with a shoulder holster, except on the strong side, ready to swing into action at any moment. The small bullpup configuration would allow this in such a highly unusual, and likely illegal-to-carry situation. But nevertheless, it IS a justification for the gun I suppose.
It is absolutely unnecessary to analyze the comparison between .22 mag and 5.7x28 in order to make the above analysis. Regardless of how relatively close, an M4 or other carbine, bullpup or otherwise, chambered in .223/5.56 or similar (7.62x39) blows them both away, and is equally controllable in semi auto form, for all intents and purposes. IMO.
The FiveseveN OTOH, is highly useful, potentially, for the reasons mentioned, in my view anyhow.