This is one of the coolest photos involving Cowboy Action I've ever seen. A friend (BirdGun Quail, SASS#63663 was using a Canon Powershot A400 and caught the sun's reflection off of the bullet. He gave me permission to use the photo. The big feller with the shot timer is my brother. This was taken at the North Alabama Regulator's home range near Woodville, AL. f/3.8, 1/250 sec.
If you zoom in on the bullet streak you can actually see the rotation of it. BirdGun freely admits it was sheer luck, and no skill involved. But you know what they say about blind squirrels and acorns.