But I think I’ll “wax poetic” about datetimes and all of the varieties. When I first got started with SQL Server back in the SQL 6.5 days, we really just had datetime, which was the date and time. If you needed just the time, you ignored the date portion. If you needed just the date, you put midnight (00:00:00.000) for the time. And when you dealt with the time portion, you deal with rounding to the .003 millisecond.
Read on for more info about each type.