DoctorJ,
I am begining to see your point. One place where I disagree, however:
"Reduced pressure means less acceleration available to the bullet - it reaches the highest speed it will reach well before it gets to the muzzle [the point at which the pressure is dispersed]." - that does not ring true to me. And this is why. yes, it is true, that as the bullet travels down the barrel the volume occupied by the heated gas increases and pressure decreases. However, as long as the pressure in front is lower than the pressure behind, there will be a force acting on the bullet, accelerating it. Simply, Force = Pressure * Area; also, Force = mass * acceleration. Yes, Pressure decreases, so the applied force at the tip of the barrel is much smaller than the applied force at the chamber. BUT: the bullet is still being accelerated all the way to the tip of the barrel (at which point, as you correctly state, pressure equalizes and the bullet is on its own - all inertia). Therefore, the fastest the bullet goes (highest momentum (mv) and kinetic energy (mv^2/2)) is at the muzzle of the barrel. Hence the reason muzzle velosity is reported in gun ballistics. Think about it - if highest speed was at the chamber, barrel length would only matter for accuracy, not distance of flight. And we know that longer barrels mean longer flight.
Now, onto the idea of gas/liquid instead of powder. The problem of reduced pressure is still there - let's say you generate hot plazma instead of hot gas. Pressure is way higher, true (thank goodness for those strong future polymers, having a gun blow up is no fun!). However, as the projectile moves down the barrel the volume still increases, and, IF THE TEMPERATURE REMAINS THE SAME, the pressure will drop. Combined gas law flatly states that [P * V / T = const]. And here is where your idea if a liquid or plasma is brilliant: WE NEED NOT KEEP TEMPERATURE CONSTANT! With gunpoweder, you're sort of screwed - once it goes bang you have no control. But imagine you can keep heating the plazma in the barrel just as the projectile moves - then temperature increases to compensate (or even overtake) the expansion of volume behind the bullet, so that the pressure (i.e. accelerating force) remains the same all the way down the barrel. This would produce a much, MUCH faster bullet. Brilliant!