I've just implemented this and the result on the public side was what I wanted.
However, in my drop down list, I had
h:mm tt ddd, MMM d, yyyy
as my choice vs. an example of current time with that formatting applied.
void Page_Load(object sender, System.EventArgs e)
liDateWithTime.Text = DateTime.Now.ToString("h:mm tt ddd, MMM d, yyyy");
and added an ID to my ListItem.
"h:mm tt ddd, MMM d, yyyy"
Now my drop down list shows a more friendly version.
i.e. 4:30 PM Thu, Feb 4, 2010