Nope. It's your film speed at f16 to start. So you would shoot 1/500 @ f16. You're way overexposed. I liked fine grain, big apertures, and shallow depth of field. Agfa Pan 25 rated at 12 was my weapon of choice. That gave me somewhere around 1/250-1/500 at f4 in sunlight, from what I recall.
If you're shooting action, wildlife, or people, that higher speed might be ok, since you get a smaller aperture. But if you have a decently fast lens, you may find that some subjects stand out much better when shot at a larger aperture so the background goes out of focus.
What camera/lens are you using?
[edit] I started a photography thread
here.