I shoot a 21.5" barreled 7RM in a Husky 1640, and I typically see about 3250fps from 140gr bullets, so maybe 100fps loss from max velocity in 24" barrels. The rifle is handy-dandy, and the blast is nothing uncomfortable at all. I bet most guys wouldn't be able to tell the difference if they shot the rifle blindfolded.
It does okay at long range, too. I can routinely smack 4L milk jugs at 750 yards with it, so the 21.5" barrel doesn't seem to be too much of a disadvantage. I'm getting about 150-200fps more than the average "warm" .280 load, so I'd say it's still a step up in the LR department, as well as being a great short-range gun.