Let's do the math "properly". Assume there are two point masses, $m_1$ and $m_2$. The question "how quickly do they fall" can be rephrased as "how long is it until the distance between them is reduced from $D$ to $d$, where $d<D$ is the distance where they touch (I am using point masses - but obviously they are of finite size so they will hit when their centers are still some distance apart).
This is a problem that is most easily solved in the center of mass frame. The two points will move towards the center of mass with an acceleration that is inversely proportional to their mass (the heavier object will accelerate less). The distance to the center of mass is also proportional to the inverse of the mass.
Distance that object 1 has to fall, $d_1 = \frac{D m_2}{m_1+m_2}$; and $d_2 = \frac{Dm_1}{m_1+m_2}$. The total acceleration (of the distance between them) can be computed as the sum of the accelerations of $m_1$ and $m_2$ at a given moment in time. Now since they experience the same force, we can say
$$\frac{d^2x_1}{dt^2} = \frac{F}{m_1}\\
\frac{d^2x_2}{dt^2} = \frac{F}{m_2}$$
And their sum
$$a = F\frac{m_1+m_2}{m_1 m_2}$$
When $F=\frac{Gm_1 m_2}{r^2}$ this tells us that the rate at which the masses accelerate towards each other is given by
$$a = \frac{G(m_1+m_2)}{R^2}$$
As long as $m_1>>m_2$, this means the acceleration depends only on the distance; but when that assumption is no longer true, the masses do "fall towards each other", and we conclude that "really heavy things fall faster" (because the earth will "fall up" to meet them).
Another way of looking at this: the "effective $g$" (let's call it $g'$) when the mass of the object is $m$, falling towards an object with mass $M$, is $$g'=\frac{M+m}{M} g$$