SC-That's true for checks...However, Payable Through drafts do not have to be returned by the midnight deadline and can come back way late and for any reason.

That is not a correct statement. Payable through drafts are subject to the expedited return deadlines and should not be coming back "way late for any reason". If they are returned late, you should protest them like any other late return item. See Reg CC reference below:

Sec. 229.36 Presentment and issuance of checks.

(a) Payable through and payable at checks. A check payable at or through a paying bank is considered to be drawn on that bank for purposes of the expeditious return and notice of nonpayment requirements of this subpart.

i have somewhat of a related question.
my friend wrote in a e-mail-
"I don't know if it's nationwide but checks in California clear almost instantaneously after deposit. It's some law they decided to pass this year."

does anyone know if this is true?

Check 21, which became effective Oct. 28, 2004 allows for substitute checks to be legal replacements for the actual check you wrote. This replacement document now paves the way for banks to clear checks electronically. However, it is a huge investment in technology and not many banks are entering the fray.

For the "instantaneous" clearing, every stop along the way of check clearing has to be electronic. The merchant, the bank of first deposit, any intermediary bank, and so on.

It can happen and someday it will, but not anytime soon.

The reference to prolonged clearing time may have something to do with the fact that the original post in this thread referred to cross-border checks drawn on banks in Canada. Canadian banks, of course, are not subject to U.S. laws (except for any U.S. branches of those banks).