Suresh, in a study we did at MIT in Boston, with the intention to hit plenty of topspin and quite hard, the ball moved about a quarter inch across the strings. This was filmed at 1,000 frames per second. The ball was in contact with the strings for about 5 frames, which would make it around 5 thousands of a second.
The racquet tested was strung at about 50 lbs on the main and 52 on the cross (usually stringers tensions are the other way around, more tension on the main and less on the cross. Our racquet experiment was done to equalize the tension without deforming the racquet, as when you install the cross strings the main ones get deformed, causing them to acquire more tension).
The stroke in the test was a down the line one-handedd backhand with an up and across stroke similar to Federer's (diagonal combination of effort, using a kinetic chain with a strong emphasis on puling the shoulder blades together). Due to the computer/camera/lighting position combination, this was the best take where we could measure clearly the parameters.
And as for feel, you definitely feel the impact, and if you are in the Zone, this perception seems prolonged.
When I told Vic Braden the results of these findings, he seemed quite surprised that the ball slid that much on the strings and that the impact was so long, and he expressed interest in seeing the film, which at the time was posted on the Internet by MIT. Braden's take was closer to one millisecond.