HorrorMU used slower than 1:1 timescales to very good effect on several occasions. There were also periods of faster time to account for time skips when needed in some stories.
I'm not playing, and likely won't be any time soon if ever, so take whatever I say with that in mind. That said, I very much enjoy being able to take the time to explore a character, including those 'small moments' that can become meaningful, and sometimes even defining.
That takes time.
So does the reality that many of us play from work, or between rounds of adulting. The ability to play things out more slowly and pick at them throughout the day (or more likely over a few days) in the Ares web portal has been cited often as a big positive for this reason.
The giant problem this creates: yeah, you got that great momentous scene handled, but now it's three days later and the rest of the game has moved on so far that it becomes a game of catchup, and you have potentially missed things the character wouldn't have, etc.
Sure, you can do both things at once, but if (generic) your problem is that you don't have craptons of time to engage with the game in the first place, as is common, that's not a viable solution for (generic) you.
I like slower. HorrorMU did best with 2RL:1IC at the fastest. Things zoomed along far too rapidly for many to keep up at 1:1.
Some faster timescales worked -- for example 'this isn't a major events going down sort of period IC, so this week represents all of August 1902, pick and choose your timey-wimey focus for that period and figure it out'. This was best for 'more or less IC downtime' periods than anything else, where the slower periods would come into play again when the action was coming thick and fast.
