With fs radical detachment and kinetic energy-resolved time-of-flight (KETOF) mass spectrometry, we are able to study the transition state dynamics of the bimolecular reaction CH3I+I, inelastic and reactive channels; the collision complex is coherently formed (1.4 ps) and is long lived (1.7 ps). We also report studies of the dynamics of I-2 formation. Direct clocking of the CH3I dissociation, hitherto unobserved, gives 150 fs for the C-I bond breakage time and 0.8 Angstrom for the repulsion length scale.