How exactly does "TIme" get applied in a Series?

[j s]

The drop down list has the whole day in five minute intervals. Does it mean that only a show starting at EXACTLY that time will be scheduled? I've seen ABC shows that start on other than 5 minute boundaries.

Would it not be more flexible to be able to specify something other than an exact start time - a between range? After?  Before? Start+30?

A "Day" option would also be very useful.