According to answers.com there are 500-600 drops of water per oz. Bitters may be slightly more viscous than water (i think) so 480 makes sense. According to Wikipedia (which never lies) the official "US" drop (as opposed to a metric drop or a pharmaceutical drop) is exactly 480 to an oz. again, I suspect it would depend on how viscous the fluid is. If bitters contain alcohol, they would be less viscous, but if they contain suspended solids, the opposite would be true. At any rate, to answer your question, I guess that "rings right".