Instead of only supporting single character masks, I suggest support be added for group masks.

Example:

$("#time").kendoMaskedTextBox({
     mask: "HH:MM TT",
     rules: {
               "HH" : /^(([0]?[1-9])|([1][0-2]))/,
               "MM": /(([0-5][0-9])|([1-9]))/,
               "TT": /[AaPp][Mm]$/
     }
});

or

$("#time").kendoMaskedTextBox({
     mask: "t",
     rules: {
               "t" : /^(([0]?[1-9])|([1][0-2])):(([0-5][0-9])|([1-9])) [AaPp][Mm]$/
     }
});