You have to turn on the display. From the 1.7 release notes:
In addition to "Yesterday", "Today" and "Tomorrow" you can have date cells show the time. Since this feature is still experimental there isn't a preference interface for it yet, but here are some commands you can enter into Terminal to adjust the built-in settings:
Code:
defaults write com.omnigroup.OmniFocus RelativeDateFormatterShowTime YES
defaults write com.omnigroup.OmniFocus RelativeDateFormatterDefaultWantsTruncatedTime YES
defaults write com.omnigroup.OmniFocus RelativeDateFormatterUseRelativeDayNames YES
defaults write com.omnigroup.OmniFocus RelativeDateFormatterDateFormatStyle medium