For one thing, when you only the switch, the current got from I to 0 in very very short time. so
[tex]\frac{dI}{dt}\rightarrow -\infty[/tex]
That's why you can see arc in a lot of case on the contact of the switch. It can reach KV range.
Look at the equation, when the switch open, R is approach infinity, this mean decade is very fast even the voltage shoot up very high. I did design to optimize the decade time balance with limit overshoot by putting a resistor in parallel with the electro magnet ( inductor ) to achief low enough overshoot voltage but still fast enough decay time. If you parallel too small a resistor, the overshoot will be smaller, but the decay time would increase. When your switch go from open to close, the parallel resistor is not in the picture because it is parallel to the coil. The resistor in the equation is really the internal impedance of the voltage that drive the coil. So it is totally different.