Just my 0.2 cents, but I consider it the range you feel most comfortable in taking the shot. With my current set up, yes its capable out to 700 or 800 yards (6.5mm SAUM, 140gr Berger at 3075fps). However, I've not had the opportunity to shoot that far so at the moment until I get out to a range that I can shoot those distances, than I'll limit myself to maybe 350 / 400 yards - I'm comfortable shooting that far.
I think if you practice on a regular basis at longer range, have a rifle that consistently groups into an inch or less (and carries enough energy) and have a laser rangefinder and can read the wind pretty well then I don't have an issue with it. Actually, there are more guys now successfully shooting at over 500m than say 10 years ago - thanks to great hunting technology.
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