Is recovery time actually needed for a good work out. I was doing a workout given to me by one of my coaches and i got it done by the time he was half way done with the second exersize. Should I be doing everything as fast as I can or rest a lot? I've never done long rests between my exersizes before till i just thought about it now.

It depends on your goals. When i want to lift a lot of weight i give myself a lot of recovery time. And when i want endurance i give little recovery time.

I'm not too knowledgeable on the subject of recovery, but from my own experience, little recovery time is key for serious weight lifting. Most programs given by coaches have 10 reps, cut it to 8 and cut the recovery time in half.