Article at Guns America. The article relates that "[u]nlike the previous 6mm ARC that catered to the needs of the Special Forces, the new cartridge is designed for sporting purposes." It sounds like it is intended for varmint hunting (using a 62 grain varmint ELD bullet @ 3300 fps) or long range target shooting (using an 88 grain ELD bullet @ 2,820 fps), but Hornady intends on also offering a black AR round (using a 75 grain ELD match bullet @ 3075 fps). The speeds listed are the muzzle velocity using a 26-inch barrel.
The primary advantage that this seems to offer over the 5.56/.223 is being able to shoot longer bullets while staying with the standard AR15 lower and magazines. According to Peterson's Hunting Magazine, "The .22 ARC cartridge was meticulously designed with the same chamber geometry as the proven 6mm ARC, 6.5 Creedmoor, and PRC family of cartridges," meaning that it is a fat and stubby looking cartridge, and the article discusses this new cartridge as one to compete against the .22-250, albeit out of an AR15 platform (the .22-250 would require an AR-10 platform). This latter article also indicates that the 62 grain bullet to be used in the cartridge is not the standard ELD cartridge, but a version that Hornady is calling the ELD-VT and supposedly equally good for both target shooting and hunting.
Hornady engineers moved the center of gravity rearward in the ELD-VT bullet via a unique lead layout, creating a large air cavity in front of the lead. Doing so aids in bullet stability and instigates dramatic and instantaneous fragmentation upon impact, precisely what the die-hard predator hunter needs to optimize terminal performance and minimize fur damage.
Sounds similar to what the Soviets did with the 5.45. The other weights apparently use the ELD Target bullets.
The problem, and this is alluded to in the comments to the Guns America article, is that Hornady has a history of backing a cartridge that is new or not previously manufactured in the United States, promising both loaded ammunition and reloading components for the cartridge, and then not following through.
Related article: "Best Coyote Cartridge: .223 Remington vs .22-250 Remington"--Peterson's Hunting.
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