Neil,
I agree with you... Now() is certainly the best option, and I'm surprised that I completely forgot it?!
The other option also works - and for the purposes of seeing them on a form they look exactly the same.
I have never put time on any of my forms... never had a need to. Unless you keep updating it, it would seem like a pretty pointless thing to display (esp seconds). Fair enough to include it in an audit trail or something, but otherwise I can't understand why you would want to show it full stop.
The breakdown allows him to use either or both... but NOW() would still be better.
J.