You’re going to want to read up on Order of complexity.
http://en.wikipedia.org/wiki/Big_O_notation
In short, O(1) means that it takes a constant time, like 14 nanoseconds, or three minutes no matter the amount of data in the set.
O(n) means it takes an amount of time linear with the size of the set, so a set twice the size will take twice the time. You probably don’t want to put a million objects into one of these.