In EWoLD he talks about an experiment that he did with his lucid dreamers. He recorded when they went lucid with his pre-determined eye movements, had them count out fifteen seconds and then give the signal again. They were weren't statistically off by any more than they would be in real life approximating time.

Scene skipping gives you more action, so it seems faster, but time as you know it is the same. Of course you can change this with lucidity.