Following recent progress in understanding the relaxation dynamics of photoexcited carriers in materials exhibiting a small gap in the low-energy excitation spectrum we have performed pump-probe measurements on near optimally doped Hg-1223. We show that the behavior is very similar as in optimally-doped YBCO, where the data can be interpreted with the coexisting presence of two energy gaps: normal state T-independent pseudogap and a mean-field-like collective gap, associated with intrinsic spatially inhomogeneous ground state. An important difference between the two compounds is found in the low temperature relaxation time, which in Hg-1223 is found to be strongly temperature dependent.In femtosecond pump-probe experiments, an ultrashort laser pump pulse first excites electron-hole pairs via an interband transition in the material. In a process, which is similar in most materials including metals, semiconductors and superconductors [1], these hot carriers very rapidly release their energy via e-e and e-ph collisions reaching states near the Fermi energy within 10 -100 fs. The superconducting gap inhibits further relaxation and photoexcited carriers accumulate above the gap [1]. The bottleneck causes a transient change in reflectivity ∆R/R, with the amplitude of the reflectivity transient being proportional to the photoexcited carrier density [1]. Because the final relaxation step across the gap is strongly suppressed, the quasiparticles (QP) together with high frequency phonons (with ω > 2∆) form a near-steady state distribution, with the QP recombination dynamics of this system being governed by the emission and reabsorption of high frequency phonons. As the gap closes (in case of T-dependent BCS-like gap), more and more high frequency phonons have the energy to excite Cooper pairs, therefore the relaxation time τ R is expected to show a divergence [1] as τ R