A few observations.
The image in the OP lacks an optics mount, and the photos shown afterwards appear to have one. Makes sense to make that an option as longer range steel challenges would be fun with a gun like this, but I really hope they improve the profile, because it looks like an afterthought.
If this full sized gun is geared toward some sort of competition at all, I think a beefier slide release would be a good thing. I think the same could be said for the safety. It looks flimsy, and I see no reason to make it that diminutive on a full sized gun. I actually think it looks really out of place for a Ruger firearm.
Why does it have a safety at all? I mean I am used to 1911's so a safety doesn't bother me, but I wonder if they'll offer a model without it.
The grip looks narrow to me for a full sized gun and doesn't appear to be adjustable. This is the main reason I don't buy Ruger semiautos, because they seldom feel right in my hands. I wear XL gloves, so a bigger gun usually works better for me. I hope the final product has interchangeable side panels like the RAP. It would make it more functional for guys with big mitts. The SR series of guns were a complete no go for me, despite the excellent reputation they have.
All in all I find it very interesting and am excited to see what the final product evolves into.
I'm also really interested to see if this leads to another Ruger carbine. Seems logical if they want to compete with FN.
I don't really care about rimfire, but I do see a benefit to having a small caliber flat shooting cartridge in my lineup. You never know when taking a longer shot at a pest/varmint/small game might come in handy. I hope they have partnered with Hornady again for an alternative ammo manufacturer. The availability of 5.7 always seems very limited to me in stores, but I haven't sourced it online.
I also enjoy reloading, and this seems an interesting rifle/not a rifle cartridge to play with. It seems to me the 5.7x28 has been a sleeper cartridge in this country for quite awhile. Honestly, I don't know that I'll ever buy anything chambered for it, because I really have my needs/wants covered, but you never know. The more the merrier.