The Datetime format field has the following format 'YYYY-MM-DD HH:MM:SS.S'
That statement is false. That's just how Enterprise Manager or SQL Server chooses to show the date. Internally it's a 8-byte binary value, which is why some of the functions posted by Andrew will work so well.
Kibbee makes a valid point as well, and in a perfect world I would agree with him. However, sometimes you want to bind query results directly to display control or widgets and there's really not a chance to do any formatting. And sometimes the presentation layer lives on a web server that's even busier than the database. With those in mind, it's not necessarily a bad thing to know how to do this in SQL.