Steevo, I've had that feeling on shrooms. Let me tell you, I was quite surprised when I found myself back in reality. I was convinced I had been gone for an eternity. My perception seemed to have slowed down asymptotically, but time doesn't stop for nobody. To put it another way, imagine that you have a lamp. You turn it on after half a second, then you turn it off after a quarter of a second, then you turn it on after an eighth of a second, then you turn it on after a sixteenth of a second, and so on and so forth. The question is (forget that it isn't physically possible), is the light on or off after one second? See it reaches some asymptotic state of neither/both, but time wouldn't stop just to accomodate the lamp... In an analogous, albeit much more complex, way, it was a great shock to me to find that I could experience an eternity, but still have it only really have been a few hours.
However, physically speaking, there's no way for time to slow down for everything around you and not slow down as well in your brain. Time isn't really slowing down, it's just that whatever mechanism our brain uses to produce the conscious sensation of time is being messed with by the substance or by meditation.
There are a few competing neuroscientific theories regarding the perception of time, but one of them states that a specific circuit sort of acts as a clock tick and that this would represent the base unit of conscious time perception. That is, two things that happened between two ticks of this circuit would be perceived as simultaneous, while things that occurred in different ticks could be temporally differentiated.
There are a lot of factors that can influence the length of the clock tick, such that the threshold for temporal discrimination is not constant, though in normal life it does not vary significantly (I believe on the order of tens of ms). However, it is possible that the feeling of timelessness can be explained by a more profound alteration of the clock tick circuit such that you experience one extremely long tick, such that you cannot temporally discriminate between any and all the events that occurred during that tick, which is reflected by a conscious feeling of intense simultaneity.