Not able to set the time for auction products, using the Ubercart Auction module
I think you just need to upgrade to the latest dev version, this is what the same fieldset looks like for me with that version:



This is on a blank Drupal 7.14 installation with only the required modules for uc_auction enabled:


Ubercart Auction - 7.x-1.x-dev (2011-Dec-11)
Ubercart - 7.x-3.1
Date - 7.x-2.5


It would be a good idea to make sure you have the latest stable versions of those contrib modules installed as well; if I remember rightly the date_popup module used to have an issue with setting the #default_value of a date_popup type field, so the problem might just be that.