Question on using xs:pattern to restrict xs:dateTime

Is this a valid schema

<xsd:schema xmlns:xsd="http://www.w3.org/2001/XMLSchema">
<xsd:simpleType name="myTimeType">
      <xsd:restriction base="xsd:dateTime">
        <xsd:pattern value="\d\d:\d\d(:\d\d)?" />
         <xsd:whiteSpace value="collapse" />
      </xsd:restriction>
</xsd:simpleType>
</xsd:schema>

and if so why? If not, is there any validating parser that will give an error
message on validating it.

PS: XSV doesn't complain when the value of whiteSpace is set to "preserve"
which I assume is a bug

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