right now for a term, i'm #115 at 16,000,000 without really going after that keyword. Is this impressive or just luck of the draw?
All depends on the search phrase. Getting to #1 for the search term "President Bush" is going to be much harder then "1972 Ford Pinto Wagon" ---
Neither really. 16m results indicates the total number of pages containing or referencing the term - it gives to indication of how competitive it might be. 115 is not going to get much traffic, and there's no way to tell w/o knowing more how far the journey to the first page might be. All in all, your situation is not uncommon.
THe value of your position, depends on : 1. The keywords difficulty I could be #45 for "hosting", in 2 mil results (creative figure) and ... I could be #5 for "marcin is washing a car", in 200 mil results. Now .. being #45 on hosting in 2 mil results .. is 20X better than being #5 for "marcin is washing a cat" in 200 mil results. 2. The number of results. 3. The number of searches in overture Etc.