The 330 day mark stems from the fact that airline reservations systems (System One, SABRE, etc.) were originally designed without a field for the year, and flight manifests were kept in the system for a period of time (up to 30 days) after a flight. That left about 330 days for advance reservations.
It is important to remember that 330 days out, you're booking against a projected schedule, not an actual schedule. The (entire) schedule will change, at least three times before the flight, and may change more than that (though any one individual flight may or may not change).
The 330 day mark is most important when it comes to reward seats. In most cases, reward seats are allocated at that point, and no new reward seats are added. Once those seats are taken, they're taken.
Discounts -- well that's not very predictable. The reality is that the least likely scenario is that the lowest fares will be available at flight-time. So, the best time to buy airline tickets is some time between 330 days prior and 1 day prior.

While it is true that often the lowest prices aren't at either of those extremes, it is impossible to know when, within that range, the lowest price will be, and many folks figure that the fare available at 330 days prior is close enough to the lowest that will be offered, that it is worth purchasing then, for the peace-of-mind.