C210 CORPORATE PLT RPTS NMAC WITH FALCON COMMUTER AFTER BOTH ACFT RPT TFC IN SIGHT.

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MY CESSNA P210 WAS PROCEEDING NE ALONG V-1 TO CRE AT 7500 FT. ABOUT 5 MI SW OF MYR; I INFORMED ATC (MYR APCH 127.4) THAT WE WERE BEGINNING A STRAIGHT LINE VRR DSCNT INTO CRE. APCH THEN CALLED TFC IN A CLBING R TURN TO NW HDG AT 1 O'CLOCK; 2 1/2 MI. I HAD NEGATIVE CONTACT ON THE ACFT WHICH WAS A COMMUTER; POSSIBLY A FALCON. THIS TFC HAD DEPARTED MYR. THE COMMUTER RPTED MY P210 IN SIGHT; HOWEVER. APPROX 30 SECONDS LATER I HAD VISUAL CONTACT WITH THE COMMUTER WHICH WAS STILL IN A CLBING R TURN ABOUT 2000 FT BELOW AT 2 O'CLOCK POS; 1 1/2 MI. I INFORMED ATC THAT I HAD VISUAL CONTACT. THE COMMUTER THEN ROLLED OUT ON A COLLISION COURSE HDG ABOUT 5-10 SECONDS LATER. IT BECAME OBVIOUS THAT EVASIVE ACTION WAS NECESSARY. I TURNED SHARPLY L AND PULLED UP. THE COMMUTER PASSED UNDER MY P210 APPROX 500 FT. ALT AT THIS TIME WAS APPROX 5400 FT. THE COMMUTER TOOK NO EVASIVE ACTION. IT'S DOUBTFUL HE MAINTAINED A VISUAL CONTACT OR HE WOULD HAVE ROLLED OUT SO AS TO PASS BEHIND. FACTORS HERE MAY BE: 1) THE HIGH VERT CLOSING RATE. MY P210 WAS DSNDING AT 1000 FPM. COMMUTER CLB RATE IS UNKNOWN BUT WAS SUBSTANTIAL. WHEN HE INITIALLY HAD THE VISUAL ON US WE WERE MUCH HIGHER THAN HIS ACFT. MY ALT UPON THE INITIAL TFC CALL WAS ABOUT 6500 FT. 2) MAY HAVE LOST VISUAL WITH US IN HIS TURN. 3) ALSO ATC WAS EXTREMELY BUSY AND UNABLE TO FURTHER MONITOR AFTER BOTH ACFT RPT VISUAL CONTACT. OTHER INDIVIDUALS IN MY ACFT INCLUDED ANOTHER CFI AND AN INST RATED PVT PLT WHO AGREE THAT THE COMMUTER WAS NOT MAINTAINING A VISUAL ON US BASED ON HIS SELECTION OF A ROLLOUT HDG WHICH PUT HIM ON A COLLISION COURSE.