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When speed of the bullet slows is where the BC plays a big role, it will travel further at higher velocity , and be more accurate as a result. Less wind deflection also. All of the long range stuff has good BC, where as the brush calibers don't , and don't need it.
Bullet travel or the lack of travel is governed by time of flight, gravity is a constant and the bullet BC is the bullets ability to overcome wind resistance.
In a matter of speaking the higher the BC the further the bullet will travel before it hits the ground because it looses velocity at a lower rate compared to a bullet with lower BC. The bullet's BC has nothing to do with it's accuracy or potential accuracy as evidenced by the fact that the vast majority of bench rest shooters shoot bullets with very low BC's, the quality of the bullet has everything to do with accuracy. Long range ballistics is another matter, high BC's are a prerequisite in bullets ability to shed as little velocity as possible therefore preserving it's stability at the longer ranges. Bullets designed for long range shooting are usually very long for their weight and will always require faster than normal barrel twists to stabilise their shape. In the end keep one thing in mind "TIME OF FLIGHT" it governs alot of how a bullet performs at long range.
Hope this helps.
bigbull