I will give my professional opinion as a photographer here.
As several people have mentioned, most cameras sync with flashes below 1/250th of a second, and most P&S cameras sync much lower than that, closer to 1/60 or 1/90th of a second.
However, as any photographer can tell you, shutter speed has almost nothing to do with flash photography, except to control the amount of ambient light.
The power of the flash and the apature of the lens are what control how much light gets to the film plane/sensor. Since most flashes fire much faster than the mechanical shutter of a camera, often about 1/1000th of a second or even much faster, they actually act as the shutter during a flashed exposure.
Think of it this way.
Situation A
Pitch black room, absolutly no light, EV-0, subject 10' from the flash, flash set to fire and provide a metered exposure of f 5.6 @ ISO 100. When the flash fires, it will illuminate the subject at an exposure of f 5.6 @ ISO 100. It doesn't matter what the shutter speed is, as long as it is slower than the Max Sync speed (which is the fastest that the actual shutter can operate while allowing the flash to illumate the entire film plane/sensor evenly). The photo will look the same whether you use 1/125th of a second, or 1/30th of a second, since the flash is firing at a much faster speed, and that is the only illumination.
Ofcourse that rarely happens. So here is situation B
A room with an ambient exposure of 1/60th of a second, f 4.0, @ ISO 100, subject ten feet from the flash. The flash exposure is f 5.6 @ ISO 100 (remember shutter speed only controls the ambient light when using flash). So lets set the camera using 1/60th of a second, with f 5.6 (our metered flash exposure), @ ISO 100. Our ambient light will be 1 stop darker (50% less light) than our flash exposure. Now for fun, let's set the camera to 1/125th of a second, and now our ambient light is 2 stops darker than our flash exposure. Our flash exposure will stay the same no matter what though.
That being said, i still doubt that a P&S camera would have a flash powerfull enough and quick enough to "freeze" the bullet. Is this a P&S camera? I have no idea, since the EXIF data is not there. Therefore, i cant tell any camera settings, including flash settings.
BUT, considering the angle, it wouldn't necessarly have to "freeze" the bullet, since the bullet is flying almost directly away from the camera. It would just have to illuminate the base enough to reflect enough light to show up on camera. It does appear that the might be a little blur, but its hard to tell.
Whether this is the case or not, i can't tell, since the photo looks to have been down rezed, and compressed fairly heavily. It would be intresting to look at the raw image and see what it shows.
So i would say that based on photographic evidence, it is inconclusive based on what we see here.
So why the long post?
Just a little photography lesson for you out there regarding flash exposure.
I.G.B.