One of the things Richard Bandler talks about with time distortion is chunk size. It is a matter of the reference you have for the passage of time. Big chunks and time seems to pass quickly. Small chunks and time seems to pass slowly.
Try this. Consider one minute in relation to what happens to you during one year. Then consider one minute in relation to what happens in terms of one-tenth of a second. I've never tried it with a clock or metronome.
In order to experinece a sense of time dialation you can ask your self, "what is happening now, now, now?" You make the chunk size for time perception smaller and smaller in order to get finer and finer (more and more) slices.
You can read more about it in "Time for a Change" by Richard Bandler (ISBN-916990-28-1)in which he spends 46 pages or so on the subject.
Ruminations - time, past, present, and future. People (zen, etc.) say all there is is the now. All we can perceive is the now, delayed by the sensory transit time and subsequent reconstruction "inside."
So by controlling our perception of the now we control our perception of the passage of time. Past is a reconstruction in the present. Future is a projection in the now.