TIME vs. TIMESTAMP data type

Hi:

Are there cases when a TIME data type is a better
choice over the TIMESTAMP data type?

It seems that PostgreSQL (I'm using 7.2.3)
encourage its users to use TIMESTAMP over TIME data
type. I said this because of the following:
a) More functions for DATE and TIMESTAMP data types
such as to_date() and to_timestamp(). Howver, function
to_time() does not exist.
b) Same amount of storage for TIMESTAMP and for
TIME. Time with time zone even need more storage space
than a timestamp (12 bytes vs. 8 bytes).
c) It's harder to TIMESTAMP to TIME and vice versa,
while its easier to cast TIMESTAMP to DATE and vice
versa.

thank you very much,

ludwig

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