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.
I added
and added an ID to my ListItem.
Now my drop down list shows a more friendly version.
i.e. 4:30 PM Thu, Feb 4, 2010