The most famous example of the stretching out in DBZ came during the Frieza fight, when the planet Namek was supposed to explode after 5 minutes; those 5 minutes are encapsulated within at least 5 20-minute episodes.
So yeah, in some sections the dragging out is epic. However, speaking as someone who was rather obsessed with DBZ back during 2002 (I think that was the year), if you love Shonen Jump anime, it doesn't really matter too much; in fact, DBZ is the influence of every modern fighting anime - without it, there would be no Bleach or Naruto.
Funnily enough, back during the days of CNX - they had a month's worth of DBZ marathons in which they aired back to back episodes of the series from 6AM till 8AM; I tried to tape it all! All 300 episodes worth! I've never actually watched them (over a dozen VHS tapes!), but I still remember getting up so early in the morning and setting my alarm to make sure I caught the intervals to switch out the used up tapes!