Using the ActiveState implementation with Visual Studio 2003 on 32-bit Windows XP (SP3), Time:Piece version 1.17 now works fine (used cpanp):

        C:\Perl\bin\perl.exe "-MExtUtils::Command::MM" "-e" "test_harn
+ess(0, 'bl
ib\lib', 'blib\arch')" t/*.t
t/01base.t ...... ok
t/02core.t ...... ok
t/03compare.t ... ok
t/04mjd.t ....... ok
t/05overload.t .. ok
t/06subclass.t .. ok
t/07arith.t ..... ok
All tests successful.
Files=7, Tests=156,  2 wallclock secs ( 0.08 usr +  0.09 sys =  0.17 C
+PU)
Result: PASS
*** Install log written to:
  C:\Documents and Settings\Clive Darke\Application Data\.cpanplus\ins
+tall-logs\
Time-Piece-1.17-1265617991.log

Module 'Time::Piece' installed successfully
No errors installing all modules
CPAN Terminal> q


Exiting CPANPLUS shell

C:\mycpan>cl
Microsoft (R) 32-bit C/C++ Optimizing Compiler Version 13.10.6030 for 
+80x86
Copyright (C) Microsoft Corporation 1984-2002. All rights reserved.

usage: cl [ option... ] filename... [ /link linkoption... ]

C:\mycpan>perl -v

This is perl, v5.10.1 built for MSWin32-x86-multi-thread
(with 2 registered patches, see perl -V for more detail)

Copyright 1987-2009, Larry Wall

Binary build 1006 [291086] provided by ActiveState http://www.ActiveSt
+ate.com
Built Aug 24 2009 13:48:26

Perl may be copied only under the terms of either the Artistic License
+ or the
GNU General Public License, which may be found in the Perl 5 source ki
+t.

Complete documentation for Perl, including FAQ lists, should be found 
+on
this system using "man perl" or "perldoc perl".  If you have access to
+ the
Internet, point your browser at http://www.perl.org/, the Perl Home Pa
+ge.
[download]