The run time of the show was probably because of the real-time aspect. My guess is they couldn't really add bits in or take bits out because it was all one continuous scene. Adding and taking away could have confused it. Plus some pilots are shorter than half an hour anyway so it probably didn't matter much to them.
I enjoyed it. It had the frantic feel they were going for and a lot crammed into a small amount of time which was their intention. Even if the real time is a gimmick its certainly unique and something I liked.