I can't say my grasp on time is very solid. Sometimes, it seems to drip by (it's only been 45 minutes!!! I thought 3 hours!!!). More often than not, hours are gone in what I thought were minutes. This is one of the reasons I am chronically late. I THINK I have been doing X, Y, Z for 20 minutes, but when I look at the clock it's actually been an hour.
My girls are 3 and 4 and I love the way they mark time. It makes more sense to me. They use:
In a second -> When I'm done with what I'm doing
Many Minutes -> Longer than I'd like to wait, but the sun won't have shifted in the sky
Tomor-eo -> When I wake up / Sometime during the coming day
Last Weeks -> Any time in the past (as long as there has been a full night's sleep interim
When I'm Bigger -> Any time in the future
When it's rainy/summer -> Seasons
Also: before/after meal, by what the light it is outside (darker or lighter), after or before bed/wakeup, when daddy gets home, or when I'm leaving.