Using an experimental scheme based on a vertically deflecting rf deflector and a horizontally dispersing dipole, we characterize the longitudinal phase space of the beam in the blow-out regime at the UCLA Pegasus rf photoinjector. Because of the achievement of unprecedented resolution both in time (50 fs) and energy (1.0 keV), we are able to demonstrate some important properties of the beams created in this regime such as extremely low longitudinal emittance, large temporal energy chirp, and the degrading effects of the cathode image charge in the longitudinal phase space which eventually leads to poorer beam quality. All of these results have been found in good agreement with simulations.