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Yes to both. They each have their place and purpose. Sometimes I want to participate in a long, slow romantic interlude with a friend, and stretch things out for hours if possible. Other times, I just want to (or need to) get laid, and don't have time for the niceties. And sometimes, I can tell that a guy friend just needs a warm moist place for a few minutes - If he's a good friend, a quick visit inside me is the best thing a friend can offer.....
If we are talking about stories... Each category, long and short, if well written can be delightful. Pace I feel is fundamental to a well-written story. Pace can move a short story to a dramatic and satisfying conclusion as well as sustain the reader's attention riveted as the longer story unfolds. I am finding authors here every day that should have books in the library.