I have an array of timestamps in the format (HH:MM:SS.mmmmmm) and another array of floating point numbers, each corresponding to a value in the timestamp array.
Can
You can also plot the timestamp, value pairs using pyplot.plot (after parsing them from their string representation). (Tested with matplotlib versions 1.2.0 and 1.3.1.)
Example:
import datetime
import random
import matplotlib.pyplot as plt
# make up some data
x = [datetime.datetime.now() + datetime.timedelta(hours=i) for i in range(12)]
y = [i+random.gauss(0,1) for i,_ in enumerate(x)]
# plot
plt.plot(x,y)
# beautify the x-labels
plt.gcf().autofmt_xdate()
plt.show()
Resulting image:

Here's the same as a scatter plot:
import datetime
import random
import matplotlib.pyplot as plt
# make up some data
x = [datetime.datetime.now() + datetime.timedelta(hours=i) for i in range(12)]
y = [i+random.gauss(0,1) for i,_ in enumerate(x)]
# plot
plt.scatter(x,y)
# beautify the x-labels
plt.gcf().autofmt_xdate()
plt.show()
Produces an image similar to this: