> In my experience it does:
>
> irb(main):006:0> a=Time.now;while Time.now==a;end;Time.now-a
> => 0.01
>
> ie. Time.now only gives you the time in centiseconds.

That's bad.

On linux (700 MHz Duron) I get:

  irb(main):036:0> a=Time.now;while Time.now==a;end;Time.now-a
  => 2.0e-05

And on my iPAQ w/ linux (200 MHz strongarm) I get:

  irb(main):001:0> a=Time.now;while Time.now==a;end;Time.now-a
  => 0.000271

(still with usec accuracy)

So my PDA is more accurate than your machine (what OS is that?)

Bye,
Kero.