IMHO - I don't think so. I think that the SP fills a different market segment than the p22. (6 inch match grade barrell, etc..
The P22 is more for fun than serious competition.
I love mine, but I don't think that it could compete with a Buckmark or a Neos or even a fullsize Glock with a conversion kit. You'll probably see less 5 inch p22 targets being sold though.
Of course now I TOTALLY want one.