I haven't actually found anything in the scholarly literature about the impact of time on decision-making (still looking), but anecdotally most of the people I know believe that few of their important decisions (barring, perhaps, marriage) would have been affected greatly with substantially more time to think about them.
Innovation is driven by time constraints: if you need to come up with something, you generally do. The stories (successful stories, anyway) become legend: Apollo 13, Lockheed's Skunk Works, and many equally-impressive others tell of deadline-driven innovation. And while there are certainly cases of things being done too quickly (certain operating systems and cellular phone models come to mind) the push of a deadline might just be the push that leads to a more innovative solution.
So get in the habit: take the time you need, but don't waste a second more. There are other things to be done.