Are there any mods that make bullet trajectories more realistic? Growing up on a ranch, my first real rifle was a .22, which is very effective against the type of varmints that like to make meals of chickens and duck eggs, but have a significant drop at relatively close range. You have to be good at guessing how high above the target you need to aim with open sights to hit it. I found the same to be true with .223 rounds later on, though the rate of drop decreased.

In Fallout 3 the bullets seem to spread around the sights more than real firearms that I have used, but I don't see any effect of gravity on the trajectory of the bullets at various ranges. I enjoyed the challenge of ranging targets and lobbing long range shots into them on the first try, so I wonder if there are any mods that add that element to the game in a more realistic manner.

I don't know of any mods like that, nor am I completely convinced it's even possible to make such a change with a esp or esm.

I recommend you buy one of the S.T.A.L.K.E.R games and download JFK reloaded.