These are some papers I used in a research project for a "Learning and Cognition" psychology class. They don't directly answer the question, but they provide an interesting insight into human perception of time.
How do we construct abstract ideas like justice, mathematics, or time-travel? In this paper we investigate whether mental representations that result from physical experience underlie people's more abstract mental representations, using the domains of space and time as a testbed. People often talk about time using spatial language (e.g., a long vacation, a short concert). Do people also think about time using spatial representations, even when they are not using language? Results of six psychophysical experiments revealed that people are unable to ignore irrelevant spatial information when making judgments about duration, but not the converse. This pattern, which is predicted by the asymmetry between space and time in linguistic metaphors, was demonstrated here in tasks that do not involve any linguistic stimuli or responses. These findings provide evidence that the metaphorical relationship between space and time observed in language also exists in our more basic representations of distance and duration. Results suggest that our mental representations of things we can never see or touch may be built, in part, out of representations of physical experiences in perception and motor action. © 2007 Elsevier B.V. All rights reserved.
Cognition
Volume 106, Issue 2, February 2008, Pages 579-593
Time in the mind: Using space to think about time
Casasanto, D. , Boroditsky, L.
Department of Psychology, Stanford University, Jordan Hall, Bldg. 420, Stanford, CA 94305, United States
The present paper evaluates the claim that abstract conceptual domains are structured through metaphorical mappings from domains grounded directly in experience. In particular, the paper asks whether the abstract domain of time gets its relational structure from the more concrete domain of space. Relational similarities between space and time are outlined along with several explanations of how these similarities may have arisen. Three experiments designed to distinguish between these explanations are described. The results indicate that (1) the domains of space and time do share conceptual structure, (2) spatial relational information is just as useful for thinking about time as temporal information, and (3) with frequent use, mappings between space and time come to be stored in the domain of time and so thinking about time does not necessarily require access to spatial schemas. These findings provide some of the first empirical evidence for Metaphoric Structuring. It appears that abstract domains such as time are indeed shaped by metaphorical mappings from more concrete and experiential domains such as space.
Cognition. 2000 Apr 14;75(1):1-28.
Metaphoric structuring: understanding time through spatial metaphors.
Boroditsky L.
http://www.ncbi.nlm.nih.gov/pubmed/10815775
So I think... in short... the time scales we use to conceptualize time or the ones we're most familiar with from spatiotemporal experiences. That is, frequency of stimuli that is cognitively significant drives our perception of time in the way that it requires our attentiveness.
So "too long" is when stimuli aren't coming as fast as we have built up an expectation for them to and "too short" is when stimuli are coming much faster than our learned expectations.