There's a great collection if decimal time ideas, many of which are linked at the bottom of that wikipedia page. I personally always liked the idea of making 1 day into the base unit. Then 0.5 would give you noon, 0.75 is 6pm. It seemed less arbitrary than making a unit into a 10th of a day, since that has no value except in reference to a day.
But yes, any humane 'decimal' time system is just optionally giving names to different places in the fractions of a day decimal (I say 'humane' because days have varying lengths, and so should not be used as the basis for a unit used for scientific measures).
I still think naming the fractions might be useful (like 'satoshi').