You have the power to adjust how the time and date look for yourself. There are a lot of little letters, but it's quite simple.
The conventions follow PHP's strftime function and are described as below (more details can be found at php.net).
The following characters are recognized in the format string:
%a - abbreviated weekday name
%A - full weekday name
%b - abbreviated month name
%B - full month name
%d - day of the month (01 to 31)
%D* - same as %m/%d/%y
%e* - day of the month (1 to 31)
%H - hour using a 24-hour clock (range 00 to 23)
%I - hour using a 12-hour clock (range 01 to 12)
%m - month as a number (01 to 12)
%M - minute as a number
%p - either "am" or "pm" according to the given time
%R* - time in 24 hour notation
%S - second as a decimal number
%T* - current time, equal to %H:%M:%S
%y - 2 digit year (00 to 99)
%Y - 4 digit year
%Z - time zone or name or abbreviation
%% - a literal '%' character
* Does not work on Windows-based servers.