I saw a thread on another forum about a new .38 special hollow point load that Federal is selling. The bullet is recessed so far in the case it looks like the old 147 grain hollow based wadcutters when we used to seat them backwards in the cases.
The OP was asking if it was a HBWC and someone else said that it was not. It's a hollow point bullet seated very, very deep in the case to reduce air space which Federal has found to give them a smaller and more consistent velocity spread one cartridge to the next. Smaller std. dev. in velocity is supposed to make for smaller groups/more accurate ammo.
The poster did not say if it was a compressed powder charge, or just moving the base of the bullet as close to the powder as possible.
The picture they posted looked very similar to the old HBWC upside down seating. We did that, back in the early 80's. Not the most accurate thing to shoot, but in the long run, if you shoot someone and the bullet hits them sideways it will still make a heck of a hole. I'm sure these new Federal loads don't tumble. I'm curious how they managed that.