Quote: "but players are interested in having fun, not realism"
Sorry, Ply but that's a bad generalization, IMO. It's true that pure sims are not so fun but simulation
elements do make an FPS more enjoyable. Otherwise, people wouldn't have wanted faster ROFs (firerate) or open/iron sights. Everyone would be running around with no-hands vickers and blasters if realism wasn't important to them or their audiences. This is much the same way CRPGs are boring for most but CRPG elements can set apart a great game from a mediocre one.
I've been wanting bullet drop since day one of using FPSC. I agree it's not practical for machineguns and pistols, from a math/performance standpoint but it would be beyond excellent for sniper rifles.
Imagine... You are viewing a distant enemy through your rifle's scope. The reticle has markings which allow you to judge the distance by aligning with a human-sized target. You can then know exactly where to place your crosshair for a perfect headshot.
For the player, this is a cool, interactive and rewarding "puzzle". For the game designer, you've just increased gameplay time and have a cool gameplay feature.
This could be done by having non-exploding flak! Damage might need to be calculated a bit differently (physics force only or direct damage) and the decals would need to be able to show bullet holes instead of scorch marks, etc.
Here's a super old video from when I first started using FPSC. The only problem was that I didn't realize you could mousewheel scroll to change zoom factor and that ruined the calibration. Also, I think the physics were tweaked at some point which later got things out of joint. This could be achieved nowadays by using fixed simplezoom.
http://www.youtube.com/watch?v=IABGiU1zRpU
edit: the same non-exploding flak ability would also be of great use for arrows, rocks, throwing knives, etc