From what I know the datatype datetime stores exactly that, DateTime. Also, it stores it the way it wants to store it, its down to the way you select it which dictates the format of it
You could always use the SET DATEFORMAT DMY (or MDY) etc at your selection time to show it in the way you want or you can always convert to a char and chop bits out. Being in the uk I use a lot of CONVERT(CHAR(10), GetDate(),103) AS Date which for today would ouput 02/07/2008
And if I wanted to query based on a uk date I would always start with
SET DATEFORMAT DMY
SELECT
SomeField,
CONVERT(CHAR(10), DateNeeded,103) As Date
FROM
MyTable
WHERE
Date > '01/01/08'
So to recap, most important bit is its just a data type. It doesnt really care about formatting until you come to consume it in someway.
hth
Pace