This is a useful graph from Finland: A noisy bullet has more drag, produces more turbulance, and requires a faster spin rate. Optimum subsonic speed for energy vs noise is at the lower knee of the curve.
The speed of sound is a function of temperature and is slower when colder.
You can shoot a littel faster in hot air. Atmospheric pressure has little effect on the optimum speed, but higher pressure increases drag and noise. (raises the entire graph).
http://en.wikipedia.org/wiki/Speed_o...la_for_dry_air
Moist air raises the speed of sound a bit since H20 molecules are lighter than N2 or O2 molecules. Moisture (not condensed) also makes air less dense (less drag)