Mink, I'd say that your description is essentially correct. I wish that I could post Michio Kaku's 'Time' documentary series here, because they dedicated a whole show to your question. They repeated the free fall experiment with even better methodology. The subjects viewed a series of random numbers as they fell, and it turned out that their response time for recognizing the numbers was much better than when they were on the ground (about 1.5x quicker on average from what I remember.) [ < My memory failed me, this isn't correct, see comment below.]

What determines our individual 'clock speed' is an open question as far as I know. We do know where our '24hr clock' is located though, it's called the .

Simply amazing. Thank you for the posting gluonium. For someone who avoids watching tv for similar reasons due to the loss of in depth perspectives this was a treat. Kudos to Omar Rageh BBC4! Here is the link to additional viewer's comments:

http://www.bbc.co.uk/bbcfour/yoursay/rageh-iran.shtml

I really enjoyed this series. I hope it gets to the front.

Info from the BBC's Website
http://www.bbc.co.uk/bbcfour/documentaries/features/century_of_the_self.shtml

Part 2
http://video.google.com/videoplay?docid=-678466363224520614&q=century+of+self
Part 3
http://video.google.com/videoplay?docid=-6111922724894802811&q=century+of+self
Part 4
http://video.google.com/videoplay?docid=-6884155963216756796&q=century+of+self