Fr. 1000 equates to $1,235 (and yes, there's a single bill worth that) along with the second highest being Fr. 200 ($247) since the cap in USD maxes out at $100 (Fr. 81) in the US today. There were once $500, $1000, $5000 & $10,000 bills printed in 1928 but ceased reappearing since 1934, only sole collectors have them but they don't use it for transactions (the $100,000 bill depicting Woodrow Wilson is obscure and not possible to obtain).
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And yes, this bill is currently in circulation around Switzerland.
What would it be like if suddenly a $1000 bill reemerges from its older design from the 1930s tweaked with modern security features inspired by the Fr. 1000 bill stronger than ones present in the $100 bill? That's up the Federal Reserve to decide, there's issues dealing with counterfeit $100 bills, in which the Swiss managed to prevent by making their Fr. 1000 bill difficult as hell to counterfeit. (It's hard enough to find one the first place).
I'm surprised there is a 1000 CHF note. Governments in general want to dissuade large cash transactions. You're supposed to file some treasury forms if you transfer more than 10000 USD in cash (say to buy a car) but I think under some circumstances the amount drops to 3000.
Before Holland switched to the Euro, one of my Dutch buddies told me that 100 NLG bills (Dutch Guilder, 100 NLG was about 60 USD) were very heavily used there, the way we use $20's in the US. 50's and 100's in the US were fairly uncommon at the time, but they're more common now. ATM's dispense them which is a fairly recent thing.
Brunei has a B$1000 bill, although they stopped printing it (but exists):
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It's worth $7,874