Can soaring figures use outwit at full range or is it cut in half?

Actually, from the rules, it looks like they can't target them at all. Here it is:

Soaring: A soaring character is flying high above the battlefield. To show that a character is soaring, move the flight indicator on its clear center post to its highest position.

Soaring characters ignore the effects of all types of terrain, objects, and characters on movement.

Soaring characters can affect only other soaring characters.

Soaring characters, on the other hand, may be attacked by hovering or ground-based characters that possess ranged attacks.

Soaring characters have to break away only from other soaring characters.

Soaring figures cannot use Outwit against figures on the ground or on elevated terrain.

Soaring figures CAN use Outwit on other soaring figures, big figures, and giant figures (as long as they are not using Stealth).