I personally love the time picker and think it is one of the better examples of maemo ux.

a form box would be annoying... first i have to open they keyboard, then activate function lock then type it all in. the current set-up is fluid and fits in with my previous interactions with the device until that point (touch to navigate to the option from menu)

As for OP. I'll think more on it and post when I get home from work

Agreed though that keyboard shortcuts inbuilt could be useful because it increases the way people can interact with the menu...