As noted in the OP, it takes far, far less than one second to hash one password using standard algorithms.
It seemed to me like you were talking about bcrypt, weren't you?
Well, the argument was that user-imperceptible hash times should be sufficient for all passwords. I was trying to make the case that even the class of extremely weak passwords can be protected with perceptible hash times.
So really I think you were demonstrating my point :)
How? If hashing one password takes one second, and you have a dump of a thousand users, it will take you a million seconds to try just 1,000 common passwords on that list.
Are you thinking of unsalted hashes, perhaps?