SQL 2008 DateTime dataTypes

SQL 2008 introduced new types of DateTime data type (Time, Date, DateTime, DateTime2, SmallDateTime and DateTimeOffset).
The following query example explains the difference between each one of them.

SELECT 
CAST('2007-05-08 12:35:29. 1234567 +12:15' AS time(7)) AS 'Time' 
,CAST('2007-05-08 12:35:29. 1234567 +12:15' AS date) AS 'Date' 
,CAST('2007-05-08 12:35:29.123' AS smalldatetime) AS 'Smalldatetime' 
,CAST('2007-05-08 12:35:29.123' AS datetime) AS 'Datetime' 
,CAST('2007-05-08 12:35:29.1234567+12:15' AS datetime2(7)) AS  'Datetime2'
,CAST('2007-05-08 12:35:29.1234567 +12:15' AS datetimeoffset(7)) AS   'Datetimeoffset'
,CAST('2007-05-08 12:35:29.1234567+12:15' AS datetimeoffset(7)) AS 'Datetimeoffset IS08601';

Here is the result set.

Data type	Output
Time	12:35:29. 1234567
Date	2007-05-08
Smalldatetime	2007-05-08 12:35:00
Datetime	2007-05-08 12:35:29.123
datetime2	2007-05-08 12:35:29. 1234567
Datetimeoffset	2007-05-08 12:35:29.1234567 +12:15

Reference:
MSDN