Iterators should be treated as dangerous and unsafe by default - they are mutable, stateful, (potentially) non-thread-safe objects. Thus, their use should be carefully scrutinized and in particular you don't want them to a) leak out of a localized context (so they should be eagerly walked and released) or b) be used in a way that triggers the execution of impure functions such that they would be reexecuted later. Sequences cache their realization (and are thread-safe) which makes them slower, but much safer in avoiding this problem.
In this case, you're eagerly producing a concrete collection (not a lazy seq) so the first concern is addressed. However, the second is a little harder to reason through. I think it might be ok, but would have to think about that more.
Note that into uses transduce which uses CollReduce, which will do an iterReduce on Iterable colls, so you could probably get the same effect by simply using the transducer form:
Except that this form only takes a single coll. Multi coll support for transducers exists (see TransformerIterator/createMulti) but is not well-surfaced in the current apis. Seems like leveraging it directly would be vastly preferable to the suggestion above though:
(defn mapv2 [f & cs]
(let [iters (map #(.iterator %) cs)
t (clojure.lang.TransformerIterator/createMulti (map f) iters)]
(loop [out (transient )]
(if (.hasNext t)
(recur (conj! out (.next t)))
Note that this assumes all cs are Iterable, which is not a valid assumption. For example: (mapv identity "abc"). So this would still need some work on fallbacks and perf testing.