Femtosecond transient absorption spectroscopy was employed to determine quantitatively the ultrafast S-1-T-1 intersystem crossing in a 2-substituted 9,10-anthraquinone derivative (3), k(isc) = 2.5 x 10(12) s(-1). Notwithstanding this rapid process, photoexcitation of dyad 1 is followed by competition between intersystem crossing and intramolecular charge separation, the latter leading to a short-lived (2 ps) singlet charge-transfer (CT) state. The local triplet state itself undergoes slower charge separation to populate a relatively long-lived (130 ns) triplet CT state. An earlier report about the formation of an extremely long-lived CT state (> 900 mu s) in 1 was found to be erroneous and was related to the sacrificial photo-oxidation of the dimethylsulfoxide solvent used in that study. Finally, some important criteria have been formulated for future experimental validation of "unusually long-lived" CT states.