Kaella, as Kelar mentions, the concept of time is definitely different here. However, I donīt think you will notice the difference much as a student. The punctuality thing is more of a +/- 15 minutes. Itīs not the end of the world or a disaster if you (or your friend) arrives at said meeting point 15 minutes late (unless you are trying to get into the newest American blockbuster that has made its way to Madrid).
The midday break, or "siesta" hour (which, by the way, is a total fallacy in Madrid. No one I know takes a siesta) certainly slows things down a bit as well. It forces you take a long lunch and enjoy the meal, relax over a cup of coffee. Read the paper in the park.
On Sundays, with practically everything being closed (forget about the 24hr. American society) except some bars for coffee, some kiosks, gas stations and VIPs, you will notice a much more deliberate pace of life (if you arenīt sleeping off a hangover
).
However, on the professional side, I teach in several mutinationals here, and boy do I have my hands full of very harried executives complaining about management, the hours, the stress (oh and then I chuckle as I am so glad to be out of
that rat race) and the lack of efficiency.
So, I suppose it depends on your personal situation. You can find the "fast life" if you really try...eating in the plethora of McDonalds, paying an exhorbitant price for coffee at Starbucks, having your doughnuts at Dunkinī Donuts, etc. But if you are going to do that, why leave America??!!
Enjoy your trip!