Yes but those 22wmr velocities would be a lot less coming out of a pistol barrel.
http://www.gunblast.com/AMT-AutoMagII.htm Has a comparison of 3 22 mag pistols. Highest was 1680FPS from a 30 grain CCI Maxi-Mag +V in a 6" Barrel
Elite Ammunition's 5.7x28mm 28 grain S4 SuperRapTOR = 2425fps...
I own one and use it as my primary carry.
It definitely feels like a .22 when you fire it. That being said, the 5.7 is a different animal when it comes to penetration. You have to remember that this pistol was not designed for stopping power. It was designed for penetration. I don't think that...