I would save it as a date, not a timestamp.
I usually use the PHP date function, and if you ever want to keep the time relative to the user time zone, you can simply change the time zone based on user settings.
When you pull it out of the database, use strtotime () to convert it, then you can use all date () functions to display it however you want. Example:
echo date('F j, Y',strtotime($db_datetime)); //Displays as 'March 5, 2012'
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