In my model I have the following DataAnnotations on one of my properties
[Required(ErrorMessage = \"*\")]
[DisplayFormat(DataFormatString = \"{0:d}\")]
[Data
As Brad said it dosn't work for TextBoxFor but you'll also need to remember to add the ApplyFormatInEditMode if you want it to work for EditorFor.
[DataType(DataType.Date), DisplayFormat( DataFormatString="{0:dd/MM/yy}", ApplyFormatInEditMode=true )]
public System.DateTime DateCreated { get; set; }
Then use
@Html.EditorFor(model => model.DateCreated)