>>10 I said it's how they perceive it. The predator is moving at the same pace, but because the prey interprets it's surroundings far faster, it seems slower (to us and the predator) due to the way they process things. And the prey can move fast enough to get away - because it's world moves accordingly. Everything is consistent - the way we measure it is what's not.
Also, it's not about perceiving slower. It's about absorbing more information in a short period of time - which makes it feel like it's being drawn out. Like focusing on particular frames of a video, you are able to interpret what's going on differently because you can take in more information on something that's moving quickly.
Remember, it said "Insects and small birds, for example, can see more information in one second than a larger animal such as an elephant". Because they process the more information, life seems slower to them. They have more time to analyse the movement of a predator because their brain is moving at a different pace.