With V.7 and Mac OS 10.8.5 I cannot set time increments less than one second except for 0.05 sec, which is a flash. I briefly got 1/2 sec by typing 0.50 (adding the trailing zero, but that didn't work for long)
Otherwise anything I enter less than one second goes to 0.05.
This version seems really buggy. Half the time my keyboard shortcuts like "save as' dont work. I should not have done the 'upgrade'.
I do like the way the interface is organized, which is why I switched.