I agree with Danilo and Shai -- this behavior very surprising. I deal with datetimes a lot, and this bug has bitten me a number of times.

I cannot really think of a single case where "if timeobj:" is useful with the current behavior. It results in a check for "is timeobj midnight or false?"

Would that ever be useful in practice? If you are indeed checking for midnight, surely "if timeobj == time(0, 0):" would be the most explicit and obvious way to do it?