On the "too quickly" thing, I agree. Think about it this way...
Let's compare sit-ups to pull ups. When you do a pull up, you don't pull yourself up and then drop back down, and then bounce back up as quick as you can. You pull yourself up, squeeze at the top, and allow yourself to return more or less to the starting position, without going ALL the way down. You still have a slight bend in your arms, and your elbows are NOT locked.
It's much like a sit up. Put your hands in a fist, and place them just in front of your ears. Now when you do the sit up, at the top, squeeze the entire abdominal wall by trying to touch your chest to your pelvis. Your elbows WILL GO PAST YOUR KNEES. Don't just touch them to your knees. In fact, your nose should be close to, if not actually touching your knees/thighs.
Then, on the way down, slowly relax and allow yourself to return to the starting position. DO NOT LET YOUR UPPER BACK TOUCH THE FLOOR/BOARD/WHATEVER YOUR ON. It removes all tension from your abs, and it's more or less taking a rest. Think of it as racking the weight between each rep of your bench press. Doesn't do you a whole lot of good huh?