Last Sunday was black powder only day at the range and got to see a bunch of nice gents with VERY nice (and expensive) rifles. They let me set up a bit down from them as they were in the middle of a competition and I finally got to fire off the Dragoon at 50 yards.
Now, at 20 yards, it's a foot high and at 50 yards, it's about the same so I would imagine that the ball is on it's downward trajectory. Out of 24 rounds, half of them hit in an area that I would call a substantial strike on the target...the other half I would classify as either flesh wounds or dead misses. Either way, a 50% heavy hit ratio is pretty good from half a football field away.
Sorry guys, I tossed the target before taking a picture of it for you