util: make time formatting a bit smarter

Instead of outputting "5h 55s 50ms 3us" we'll now output "5h
55.050003s". Also, while outputting the accuracy is configurable.

Basically we now try use "dot notation" for all time values > 1min. For
>= 1s we use 's' as unit, otherwise for >= 1ms we use 'ms' as unit, and
finally 'us'.

This should give reasonably values in most cases.