So I am curious - does anyone know how far we can actually see with our eyes? Or how far these telephoto lenses can 'see'?
Bottom line first:
If you mean "how much bigger are objects in the viewfinder with a 300 mm lens compared to with the naked eye?" then, sadly, the answer is only about 7.5X. So, objects at 7.5x the distance will appear as they do with our naked eye. If you mean "how much farther away can objects be to resolve small detail (e.g., how much farther away can you be and still determine the digits on a watch or clock), then the answer is less, depending on the resolution of the digital display (VF or LCD). With current technology, this ranges from about 4x to a sad 2.5x. With an optical viewfinder, you aren't limited by pixel size so you get the full 7.5x advantage.
Here are three different reasoning paths that lead to some surprising results, including what I'll call for dramatic effect "the myth of the normal (35-50) lens."
FIRST: It's true that if you are interested only in registering the existence of a point source of light, then all you need is to find the existing thing in the universe that is farthest away yet emits a sufficient amount of light to be detected. Hence, we just ask the astronomers. And I think we got some pretty good input on that.
However, if you ask "what impressions was the OP registering that he wanted to have a better take on," the point source answer is not very responsive. A better technical question in the vicinity of what the OP was reacting to would be "what's the farthest thing on earth that one can see?" Taking a cue from the astronomical version of the question, one might ask "what's the farthest city (i.e., the city for which register that there is some light there) that one can see at night? This gets mucky since it obviously depends on where you are, but also on horizons, etc. Since it's already not a very good rendering of the OPs experiential question (in my opinion), I'll drop it.
SECOND: Here's what I think is a pretty good rendering of the OPs question in technical terms. "If I put the eyepiece of my camera to my eye, what's the magnification of a 300mm lens, compared to using my unaided eye?" Having an experimental nature, I just pulled out my E-M5 and looked through the viewfinder to see at what FL the image appeared the same size as with my unaided eye. This is pretty easy to tell by picking a goodly-sized reference object, and systematically looking through the viewfinder and then pulling the camera away to judge whether the object appeared bigger or smaller. It turns out, surprisingly, that 40mm (plus or minus 10 percent) does it! So, 80mm is "normal" as determined with this method! Sadly, this means that the 300 mm. lens is only 7.5x. So, using a 300 mm lens, objects appear only 7.5x closer.
I think this probably answers the OPs question pretty well, corresponding to the impression he has that things get bigger, so you can see farther. It probably answers the question "if I can see (so as to recognize) X at a certain distance, then how much farther away can I see (recognize) X with a 300mm lens?"
The myth of the normal lens, of course, is just mixing apples and oranges. As a few others have noted, the "normal lens" is derived (I'm pretty sure) from what a "normal" print looks like from a "normal" distance, an obviously fuzzy concept. What's the new normal in print sizes and distances of view? It is NOT "what is my impression of size, looking through the viewfinder?" which leads to different results (and depends on the camera's viewfinder's optical specs, of course). This "normal" probably also has nothing much to do with the experience that the OP is reacting to.
THIRD: One could ask a yet different, and equally sensible question. If I can just resolve features at distance D when looking with the naked eye, what's the distance I can resolve them with a 300 mm lens?" It's more like "if I can read the numerals on a clock as far as D away, how far away can I see them with a 300mm lens?" Here, visual acuity is in play.
According to Wikipedia (donate today!), 20/20 vision corresponds, roughly, to being able to resolve objects that subtend an arc second. You'd know what this means if you have paid attention to Apple advertising. A "retina" display has a resolution better than the human eyes, which happens to be about 600 pixels per inch when viewed at about one foot distance. If the viewfinder is optical, we've already answered the "how much farther" question: 7.5x the distance. Sadly, viewfinder are still limited by pixels; current camera pixels are generally NOT "retina" quality.
Looking into my E-M5 viewfinder, I see that the vertical size of the viewfinder covers about three inches of real image at one foot (using a 40 mm focal length). So, that should require about 1800 pixels. The vertical dimension of the E-M5 viewfinder is about 600+ pixels, so we're short by about a factor of three. Instead of 7.5x, the limits of viewfinder pixels brings us down to only 2.5X the distance. Oof. If you're looking to see as much detail as possible, then the 300mm does not really do all that well. It DOES give you the impression (in terms of size of moderately large objects) of giving you 7.5x, though. (Sensor resolution is plenty, here. It's like 6x that of the viewfinder, so it is not a limiting factor.)
As Anders points out, you can crank up the magnification of the viewfinder, and you'll then get effect of the full 7.5x optical equivalence as far as resolving detail goes.
Using the LCD is better. It lays out about 650 pixels over the roughly 2 vertical inches of the display, so is just a factor of 2 short of retina resolution. Still, you don't get the full optical advantage in seeing small features, but only about half of it (unless you use the "magnify" feature of he camera). As soon as displays offer truly retina resolution, then the optical computation is all we'll need to do.
By the way, as Anders pointed out Paul did the optical calculation incorrectly, coming up with 6x. Anders did it correctly, coming up with 12x, although the main point here is that the usual "normal" does not relate, I don't think, to the OPs experiential basis for asking.
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The BoxerMan