I\'ve got a timestamp in the following format (Which can easily be changed thanks to the beauties of PHP!).
2011-02-12 14:44:00
I prefer to compare timestamps (rather then date strings), so I use this to check today.
$dayString = "2011-02-12 14:44:00";
$dayStringSub = substr($dayString, 0, 10);
$isToday = ( strtotime('now') >= strtotime($dayStringSub . " 00:00")
&& strtotime('now') < strtotime($dayStringSub . " 23:59") );
Fiddle: http://ideone.com/55JBku