Alexander Belopolsky added the comment:

+1 on all Victor's points.

I like 'resolution' because this is the term that datetime module uses already:

>>> from datetime import *
>>> datetime.resolution
datetime.timedelta(0, 0, 1)

There is a slight chance of confusion stemming from the fact that 
datetime.resolution is timedelta, but proposed parameter is a string.

I believe ISO 8601 uses the word "accuracy" to describe this kind of format 
variations.  I am leaning towards "resolution", but would like to hear from 
others.  Here are the candidates:

1. resolution
2. accuracy
3. precision

(Note that "accuracy" is the shortest but "resolution" is the most correct.)

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<http://bugs.python.org/issue19475>
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