It's a 1 second flight time, not 1 minute. The game can go as short as 5 second turns, if you'll recall.
I wasn't entirely sure about this either. This means that the "missile" requires no engine? Since it's in orbit when fired, it just uses gravity to assume a 1 second drop and strike, yes?
Would it be theoretically possible to make a final-fire PD missile with 0 fuel? If you've got high enough engine tech, you could squeeze a few thousand km out of 1s flight. Or, presumably, a missile with no fuel can only strike targets directly at the same location? Does that mean an orbital bomb can be used to strike, say, a swarm queen if you got your bomber ship in close enough?