From NFHS.ORG, the comments on rules revisions:
Quote:
LAG TIME ELIMINATED (5-10-1): This change eliminates the need for lag time or reaction time on the part of the clock operator. The referee may put the exact time observed by an official back on the game clock. The committee felt that with new clock technology and the ability to observe tenths of a second, when an official has definite knowledge relative to the time involved, he/she should have the ability to put the correct time on the game clock.
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Not exactly what I was looking for. Note, however, the mention of reaction time being no longer needed as well as lag time. Tomorrow at work, I'll keep looking for the comments I remember regarding the end of quarter/game intent behind this change.
(edit) I need a break. I just found it, at the page linked to in the OP, with the interpretation we've been debating so viciously.