in fact both are not true, because since November '11 5 passages in the Reading are not possible. The long Reading includes just 4. Concerning the time slots - I don't have a clear answer. In my real GMAT I had 4 passages and just 80 minutes, so I could alocate my time as I wanted. In some prep materials (though they are from the years 2006-2007-2008 and may be outdated) it says that you'll have 20 minutes for the first passage and 40 minutes for the 2nd and 3rd.
My tip: just try to be ready prior the 20 mins pass. If they do - don't panic, just try to compensate on the coming questions!
Thank you very much for reading this post till the end! Kudos?