I've been reading the 22" discussions for a couple years. I think they are a great idea and could possibly revive racing as a new class. Anyone that has ridden a 24 at the trails knows they jump with less effort and offer a smoother ride...but they're a bit goofy. A 22 would fill the gap and you could use parts from a 20 or 24.
Since most of the people buying 22's will most likely be over the age of 25, we can assume they have a higher income, and can afford to pay $40 for a tire (tire price seems to be the issue here). I actually go through tires faster on my dirt bike than bmx bike, and they're $100 + .
As G said, tires are the issue. It would be smart of all the companies that want to participate in 22 inch bikes, to create a partnership, pool funds, and have tires made as one big group. Then as numbers increase, they can break off and do their own thing. Suzuki and Kawasaki teamed up to create a competitive 4 stroke motocross engine, so S&M, Odyssey, and Standard can come together to make an affordable 22 inch tire.