As far as I know, no browser actually does anything special with `<time>` elements. Might be nice for screenreaders though, so I'll see if I can switch.
I don’t know if this has been done but I suppose a good use of the `<time>` element would be for browser addons to target it and use the `datetime` attribute for something like “add to calendar (ical)” or “translate the text content to my locale” or something similar.