With the right powder/brass a .223 will shoot 40's at 3900-4000 depending on barrel length. The .223AI shoots 50's at 3825 and 40's at 4200......again depending on barrel length and quality, and strong IMI brass.
A .223AI and 222Mag hold about the same amount of powder. Trouble is, 222Mag brass is Rem. and not nearly so strong as what's available in .223.
OK....instead of assuming what is and what isn't, all anyone needs to do is actually LOOK at the .204 and 222Mag cases side by side to see they're not the same. The 22-204 holds close to 1gr more powder than the .223AI and should be a good idea. I thought about that cartridge for awhile before finally getting around to having one built. Seemed worth a try. One gun manufacturer has reamers for the cartridge and may actually introduce it, who knows? Mine has .250"nk and 0 freebore. A twin to that rifle was also built at the same time, chambered in .223AI with the same throat specs. Both have 14-twist 28" Krieger barrels, trued 700 actions, McMillan stocks, and 4200 scopes. The idea is to compare the 22-204 and 223AI as evenly as possible. The hope was for another 75-100fps from the 22-204, but I haven't messed with them yet. It probably still won't be exactly an even playing field because the 22-204 uses Win. brass and the 223AI uses IMI which is much stronger. We'll see.
Edit: Dave, I was typing when you posted.