I had a small discussion with the developer of Types and he stated that the DATE is indeed stored as a DATETIME variable, but the time is set to 00:00 for now. It looks like the storage infrastructure is ready to add the time portion of this variable, but the front end interface needs to be added.
The tricky part is that you are entering both a Date field and some Time fields (Hours, Minutes, Seconds, AM/PM), but then need to be combined into ONE stored variable in the database.
And you might want to have just have a TIME value, that is not tied to any date. Like just wanting to enter the time of the day.
Some old school systems force you to enter the text of DATETIME in a one-line field, ie. “09-25-2012 13:05:00 PST” and you’d have to get it exactly right or it fails. Kind of like setting the system clock on a Unix system. ?? So a much better GUI front-end needs to do this for you.
Kind of need a Date only, Time Only and DateTIme fields. For now you could use a text box and let the user type in 12:34 or two Numeric fields, Hours and Minutes as you see fit for your display purposes, but it wouldn’t be error checked.
I too hope that time gets added to Date in the near future. It would be easier to handle AM/PM, Timezone, and error checking.
Maybe the more people who request this can encourage the developers!
UPDATE: Come to think of it, should probably mimic the WordPress Publish Date and Time entry boxes style. But then there is no way to change the TimeZone and you always work in 24-hour time. ??