That's 1000 feet, you can fire up to 10 increments. And it's 1100 feet for a composite longbow. And it's 1650 feet if you have a feat. And there are magic items that can increase this further.
3.x ranges were written by someone with no concept of the idea of "flight time". An arrow going a third of a mile would arive several rounds after it was shot, with little or no force behind it, and coming slowly enough that you could see it coming and dodge (assuming that you hadn't just randomly moved out of the way). The maximum effective range against non-massed targets SHOULD be a couple hundred feet at most with maybe another few hundred feet against massed targets, but in D&D land sensible armies should open up at the maximum range they can get line of sight at and count on the odd 20 to actually hit.
D&D is a sword and sorcery game, it has, and will, never bother with the flight time of arrows, or of coconut laden african swallows.