Are we supposed to account for air resistance?

Old story of Which falls faster, a pound of lead or a pound of feathers? The lead falls like...well, like a pound of lead. The feathers flutter down slowly. Unless you're in a vacuum, in which case they both fall at exactly the same rate. Many Science Museums (okay, one that I know of, anyway) have a neat little display to illustrate this.

Aerodynamics is important, in air :-)