If you're like me, you probably don't like the fact that sharepoint will automatically show the date and time like

You should patch your system           Wayne Hall          05/04/2004 12:00:00am

So, what you can do is create a new column with your list called “timestamp” that is a calculated formula with the following:

=TEXT(WEEKDAY(Modified),"ddd")&" "&TEXT(Modified,"h:mm")

That way it just prints “Tue 5:03”, which is a lot easier to read, especially when looking at, say a view that shows the most recent 5 documents added to a document library or something.

If I get time, maybe I'll figure out how to do something that analyzes it to say ... if it's < 7 days old, do the day and time, and if it's older, do MM/DD.  The problem I run into is that it won't let you do [today] or [me] in calculated columns.  Maybe I need to do that in xslt?

IE,

=IF([TODAY]-Modified<=7,
TEXT(WEEKDAY(Modified),"ddd")&" "&TEXT(Modified,"h:mm"),TEXT(Modified,"mm/dd"))