Time::HiRes no longer works

I recently upgraded to ActiveState Perl 5.12.2.203 on my Window XP SP3 box. It is my understanding that this version has Time::HiRes built in and thus there's no need to install it. If this is correct, why does this code snippet:

use Time::HiRes qw(time);
my $ts = time();
die "\|$ts\|\n";

only return the epoch time to the second, not the millisecond?

Per PPM, I am running Time::HiRes 1.9721 dated 2010-03-17

Any thoughts? Do I have to rebuild Perl from scratch? Thanks!