Ping! To a submarine thread. This should sound familiar to you.
Yes, super cavitation is indeed not new.
Perfecting it for either sub surface transportation, or as supercavitating torpedoes with any significant range remains a critical engineering challenge
The successful accomplishment of doing just that was a big part, as you know, of my:
Dragon’s Fury: World War against America and the West
http://www.amazon.com/Dragons-Fury-World-against-America/dp/0971577900
novel