Yes, you are reading it correctly. Epic is supposed to be crazy incredible! Line of sight is blocked by fog, darkness, invisibility, or other factors that would offer a target concealment or cover.
Hey, get a powerful spyglass and snipe your targets from miles away, maybe even from orbit. You are not just a hero, you have epic inside!
Just hope your target doesn't have ...
Source: Epic Level Handbook
You can deflect an infinite number of projectiles.
: Dex 25, Combat Reflexes, Deflect Arrows, Improved Unarmed Strike
: You may perform any number of deflections each round. See the Deflect Arrows feat in the Player's Handbook.