Some examples of the API:

$ ./python 
Python 3.3.0a0 (default:52f68c95e025+, Jan 26 2012, 21:54:31) 
>>> import time
>>> time.time()
1327611705.948446
>>> time.time('decimal')
Decimal('1327611708.988419')
>>> t1=time.time('decimal'); t2=time.time('decimal'); t2-t1
Decimal('0.000550')
>>> t1=time.time('float'); t2=time.time('float'); t2-t1
5.9604644775390625e-06
>>> time.clock_gettime(time.CLOCK_MONOTONIC, 'decimal')
Decimal('1211833.389740312')
>>> time.clock_getres(time.CLOCK_MONOTONIC, 'decimal')
Decimal('1E-9')
>>> time.clock()
0.12
>>> time.clock('decimal')
Decimal('0.120000')