Well, the bullet starts out, what, 1/2 inch lower than the sights? We'll go with a nominal 1/2 inch. And if point of impact (POI) ever ends up more than 1/2 inch lower than point of aim (POA) then these lines (really rays, not lines, but I digress) are diverging, not converging. From what folks are saying, and that excellent group that SteadyD posted for us I would have to say that these revolvers indeed have front sights that are too tall. They shoot good enough groups for anyone to be happy, and these groups seem to consistently be low.
Unfortunately, while it would be convenient for the sights just to be regulated at a different range than tested, it would seem that this is not the case. The bullet is going down, instead of up. If the bullet was going where it would be normally be expected to go, POI would intersect POA in two places, and POI would not be further from POA than at the muzzle, until it got out PAST the first time POA and POI intersected.