Well for one thing the 17 was not designed to be a penitration round. So it is no big suprise that a solid 22 LR or 22 mag will out penitrate it. Even the .22 hollow points are just a solid lead bullet with a little pin hole in them. However they do have an XTP and FMJ round out now for the .17.
The v-max's are made to explode on impact, especially with anything wet. The are designed to work of hydrostatic shock like a varmint bullet, not penitration.
However I did a test with a 3/4 inch piece of cherry at 100 yards. The v-max zipped right thru it and exploded a can of water on the other side. That is plenty of penitration for small game to me.
And almost everything I have read shows the HMR exceeding the listed specs, not being lower. This is in print and on various other forums and sites dedicated to varmint hunting and the 17's. Those sound like pistol speeds to me. I have heard a lot of complaints about the rugers though.
I don't own a 22 mag rifle so I can't comment on it. I have shot a few though and they were not nearly as accurate as the little 17 is. Personally if I was going to shoot anything bigger than a woodchuck I would get a .223.
I mostly target shoot with mine though. I shot a nine shot group with mine. 3 rounds at 50 yards, 3 rounds at 75, and another 3 at 100. All nine rounds went in a hole a dime would cover! Now that is accurate and flat shooting in my opinion. And that with a 200 dollar heavy barreled savage. I do have a nice scope though with 20X and a parallex adjustment.
Paul