No, that is two stops, or a factor of 4x.
Three stops is a factor of 8x or 1/12,800 sec.
You're right, of course. I must've had a momentary brain blackout.
Still, the question as I perceive it is this: How far can one override the shutter speed, still enjoying predictable exposures and without image artifacts? This is obviously very much hardware-dependent -- foremost, CCD-dependent. In my case, 1/12000 will be correctly exposed, but may have visible image non-uniformity.
I now realize that I've had that override (ND filter always out) activated since I don't remember when, and never noticed ill effects. Of course, it should've been a really bright day indeed...