On some unix systems I've been used to a time command which many options including ways to format the output (-f) and redirect the output to a file (-o), see for example this man entry of time.
However on OS X it seems that we have a crippled down version that only has two (not so useful) options -lp. (I'm on Snow Leopard if that matters.)
So, how can I get a better time for my system?