BUG #1020: Timestamp representation printed by PostgreSQL are invalid

The following bug has been logged online:

Bug reference:      1020
Logged by:          Sebastiano Vigna
Email address:      vigna@dsi.unimi.it
PostgreSQL version: 7.3.4
Operating system:   Linux
Description:        Timestamp representation printed by PostgreSQL are invalid
Details:

create table test (t time);
select CURRENT_TIME;
       timetz
--------------------
 16:42:11.183148+01
(1 row)
insert into test VALUES('16:42:11.183148+01');
ERROR:  Bad time external representation '16:42:11.183148+01'

This is nonsense: the representation returned by a SELECT  for a data type should be *VALID*, shouldn't it?

I'm trying to pre-compute the default values of a field using SELECT as above, but when I try to fill the field I get
anerror, as above. 

Ciao,

seba