The code you mentioned from Linuxguy was using the fractional multiplication, which I have never used and had to look up in the manual. The units returned by the command he used was .in .5us instead of us, so the value is twice as big as it should be, which is why he then divided the result by 2. He obviously could have combined this with the previous command. The value 65535 is the largest value that can be held in a word (16 bit) variable, which is why it is often used.
If like the above code you are trying not to use floating point math, you could also achieve the same results of multiplying the time by: 0.03434 by writing the code something like:
result = (PING_Echo * 3434)/100000
However you also have to be careful to not overflow your calculations. i.e. you would want to use 32 bit math for this.