jlofthouse: On a scope with duplex crosshairs... the ones that are thin at the center of a scope, and thicken a short distance from the center, are precisely designed made this way. This is called the "subtend" of a scope. Most people call the bottom line of the crosshairs the "Post".
That distance from the center to where they thicken is designed to be 4MOA for the majority of scopes. That's 4" at 100 yards.
So, simple math, at 400 yards its 4MOA per 100 yards = 4 * 4" = 16". So at 400 yards, if you put the crosshairs dead on a target, the bottom post where it starts to thicken is 16" below where you aim.
Why does this matter? Well, if your gun ballistics and how you have it sighted in are say, 20" low at 400 yards... you simply use the point where the bottom post starts to thicken as your aim point instead of the crosshairs. This would put your bullet 4" below the point of aim... at 400 yards. The amount the bullet is above and below the top of the bottom post varies according to ammunition, the velocity, ballistic coefficent of the bullet etc etc. So each individual rifle has to be tested independently but it certainly not magic to be able to hit targets that far off.
My 7STW is 3.5 inches high at 400 yards using the bottom post, and its right at 4.5" low using the bottom post at 500 yards (because at 500 yards using 4MOA per 100 yards = 4 * 5 = 20" below the crosshairs at 500 yards).
Also, you can use the distance from the center of the crosshairs to the tip of the bottom post as a quick range finding tool. As you know its 16" at 400... you put your crosshair on the tip of a bucks back, and look at the bottom post. Most deer are 16-18" deep on the chest, so if the buck fills the gap, its under 400 yards, if it doesnt fill the gap its over.
Better Leupold scopes from the 1960s and 1970s actually have range finding built into the zoom, the idea is you adjust the zoom so the buck perfectly fits the distance between the crosshair and post, then you just read the value stamped on the scope zoom.
Side note, you can also use the horizontal distance as windage adjustment aids... if you know the MOA of the wind drift at whatever yards the target is. That distance is also 4MOA for most scopes.
Fun stuff... super old school... yet its surprising how many hunters don't have a clue about this stuff. They want turrets to fart around with and adjust to get that precise shot.
-DallanC