Back to Hazzard's comment on wind resistance related to the original question... I think the timing of each bullet's fall (one from the barrel, one dropped from the hand) depends on how they fall.
Disclaimer: I don't reload, so don't know the real measurements or weight distribution characteristics of a bullet.
I would suspect the spinning bullet from the barrel would present more surface area to the vertical vector, generating more wind resistance, and falling at a slower terminal velocity.
Similarly, I would expect a bullet that is dropped to rotate on end due to weight distribution, thus presenting less surface area (and possibly a more aerodynamic shape) to the vertical vector. Thus, the dropped bullet would have higher terminal velocity, striking the ground sooner than the fired bullet.
Am I missing something? It's been a while since I sat in a physics class, so I may be off on what factors impact terminal velocity.