I have been going through some tutorials on the tag, but I honestly don\'t see why we are using it.
For example:
Published
It's in a machine-readable format, so any script or search engine reading your content can understand the date/time of publication. That way you can format it in a nice way for readers without affecting machine readability. It's covered under microformats which are a good thing.
E.g. <time pubdate datetime="2011-07-03">3 days ago</time>
looks nice for humans and computers.
The time element also has an associated DOM API that can be used. See http://my.opera.com/ODIN/blog/2011/05/31/dom-scripting-and-the-time-element and http://www.whatwg.org/specs/web-apps/current-work/multipage/text-level-semantics.html#the-time-element
time
elementWhen in doubt look at the spec!
The time element represents its contents, along with a machine-readable form of those contents in the datetime attribute. The kind of content is limited to various kinds of dates, times, time-zone offsets, and durations, as described below.
From the HTML5.2 spec on the W3C site: https://www.w3.org/TR/html52/textlevel-semantics.html#the-time-element
Have a look at the site for more info. :)
The point of this tag, as with a number of the new "semantic" HTML5 tags, is to make it easier for programs to index your data.
A script can go through and easily find out what the published date is for your blog articles if it sees a <time>
tag, without having to parse any of a number of ways this could be represented (for consumption by a human being), which would be a much more complex and error-prone task.