Though the items like vfs.file.time[file,modify] get show in the webinterface's 'Last value' as 2011.08.30 18:03:02,
if a Trigger is created using

{ITEM.LASTVALUE} as description,
its the item's epoch time which is shown: 1314723782

It would be quite more useful for recognizing the active events in the Dashboard overview, notifications text, etc
to get {ITEM.LASTVALUE}

in this form