Strange date relationships with #PowerPivot

A reader of my PowerPivot book highlighted a strange behavior of the relationship between a datetime column and a Calendar table. Long story short: it seems that PowerPivot automatically round the date to the "neareast day", but instead of simply removing the time (truncating the decimal part of the decimal number internally used to represent a datetime value) a rounding function seems used, moving the date to the next day if the time part contain a PM time.