I pulled the knockout branch and removed line 117 (`self._raw(value);`) and it seemed to work as I'd expect.  I also made `self._raw` a regular (non-observable) variable (tweaking lines 122 and 126), and it still worked as I'd expect (e.g., put in 3, change form fields causing it to parse to 3:00pm, go back to form field, type 3, and moving away again (parses again)).  I kinda understand what you're describing but haven't been able to replicate it.  Maybe you mean if you had no variable to represent the "rendered time" and only `self.val` ?