Symptoms
When using styling to validate that an entry into text label is in fact formatted like a time. When doing this the form would execute a smartobject method to add the item to a sharepoint list. In doing this SharePoint would save the item and format it Date-Time.
Diagnoses
The SharePoint 2010 Date/Time column only presents the Date only OR Date and Time. There is no option for the column to show just the time.
Resolution
While this is ultimately a limitation in SharePoint K2 can work around it. First, rather than using a Date and Time column we used a single line text column. From there we forewent the styling as that ultimately passes a time to sharepoint to be butchered and instead leveraged the smartform control's pattern validation property which uses a regular expression to validate an entry: ^((t0-1]?(0-9])|([2]90-3])):(00-5]?:0-9])(:(00-5]?:0-9]))?$ That was the regular expression we used.