Mark, while the finished product is "cheap", the upfront costs for the equipment to get there is not. Swaging dies, whether from Corbin or one of the smaller manufacturers are a steep entry price. And, in many cases you need a specialized or heavily modified press to handle the pressures. A lot of the standard reloading presses won't handle repeated swaging pressures. Wander over to the
Cast Boolits site, there is a forum there just on swaging. A lot of information on dies, presses, etc.
I've looked into it, and the die prices for converting 22 LR cases into 223 would mean I'd have to make thousands before I could break even.