It doesn't in this case as there are a few factors effecting the result.
What are the builds for the wheels you were talking about?
The biggest factor is the interia differences between the sets of wheels.
How much do the rims and tyre weigh on the 27s compared to your 700cs?
My guess i the 27 weigh a lot more.
All you are measuring with an unloaded spin test is the deceleration of the wheel due to seal drag mostly, and some bearing drag (plus free wheel on the rear). If the rims and tyres are heavier they have more rotational momentum/rotational energy, so it takes longer for that energy to dissapate away (and the wheel to stop spinning) on the heavier wheels.
All this proves is that you will slow less when free wheeling on the 27s )depending on rolling resistance), but on the flip side you will accerate slower (for a given output).
Now if I were wrong and the wheels are of similar weight, then you have crappy bearings, seals, or free wheel in the 700s and you should have them upgraded or serviced!