Hope this helps,
in this video I do an experiment to see wether or not there is bulletdrop.
I basically multiplied the scale of the bullet with a factor of 100, shoot a couple of bulletballs and look where they land.
From what I can see, there is bulletdrop, unless perspective is playing tricks on my mind
Spoiler
[youtube]http://www.youtube.com/watch?v=ERy_BfC1q20&feature=youtu.be[/youtube]
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No offense, but that is invalid information.
Allow Riddlez to elaborate:
Now, As one could see, there is bullet drop.
But, using the same video as evidence, one could say that a bullet goes incredibly slow, whilst hitting after much shorter a time.