Operational Amplifier Open-loop Frequency Response
You are indeed correct here -- the open loop dominant pole frequency on a standard (i.e. unity gain stable compensated) voltage feedback operational amplifier (like your LT1001) is that low, and above that when open loop you get a standard single pole rolloff.  What happens is that once the feedback loop is closed, the negative feedback around the amplifier extends the bandwidth in exchange for reducing the gain from its crazy high open loop value.  Other parameters (such as output impedance, noise rejection, and distortion) also get poorer with increasing frequency, although most datasheets don't mention this.