A better description would be 'Decimal Time'. If you think of how we describe time as "Quarter Hour", "Half Hour", "A Quarter After...", or "Half Past...", then think of your full day in those terms makes this a bit easier to understand; "Quarter Day" is 3 hours (6 when using 24 hour version), "Half Day" is 6 hours (12 for the 24 hour version). This represents what we already use to describe parts of an hour expanded to parts of a day.
"Time is relative", so how we describe it should be relative too!

It looks different than the Imperial clock we are all used to seeing, but it does simplify dividing your time equally.

The analog version has a sweep second hand inspired by jsmorley's SweepSecondClock.

Requires version 4.0.0 beta r2722
EDIT: Updated rmskin package with 3 separate skin versions Analog, Digital, Bar, or All 3-In-1.
EDIT2: Updated package with full day (24 hour) versions of each style.
Enjoy!