The Free Form Date Time Parsing of a RadTimePicker is not able to recognize "hhmm" as an legit value (ex. 1030 for half pas ten). This improvement could be nice, as it is a common way to write an time. It is working in Outlook Appointement Form.
The FreeFormDateProvider is designed to produce date output from the entered text and does not support only hhmm format - for this, you can use h:mm DateTime mask.