It is 1:22:03 because in the end screen it shows 1:22:3. If the time was 1:22:30 it would show as 1:22:30.

I noticed this in John Gutter but i don't think it is specific to that one level.

Sometime when going down a pizza crate, the animation of Peppino leaving the crate is cut, saving around 0.3 seconds, however i can't do it consistently and it seems really random (i have tried going into a crate while running, ducking, changing direction etc) I think it only has to do with how you ENTER the crate. If anyone can solve this mystery it would be pretty cool.