I just enter FormatDateTime(Now(),vbGeneralDate) for the default value in the Date field (in Arcpad Studio - Arcpad 8+). Date data types do not work (I can't figure it out anyway), and you must use a regular 'EDIT' box, and set required on (at least it's a good idea).
If you don't have Arcpad Studio - open the APL file in a text editor (notepad or I use NoteTab Pro), and look for This sort of language:
<DATETIME name="NDATETIME" x="46" width="80" height="14"
defaultvalue="FormatDateTime(GPS.Properties( "UTC" ),vbGeneralDate)"
tooltip=""
tabstop="true"
border="true"
readonly="true"
field="NDATETIME"
allownulls="false"/>
Add the defaultvalue statement - and it should work!
You'll notice I used GPS time (which will be in Greenwich Mean Time - which is easily converted if you desire). It prevents users from messing up by either not properly setting the field computers time - or setting it incorrectly. To use the computer or system time - use this: FormatDateTime(Now(),vbGeneralDate) instead. All sorts of formats are possible - just google the FormatDateTime function in Visual Basic (VB).
By the way - the Arcpad studio part of Arcpad is worth the money to upgrade! Of course I think it always should have been included... Once you get started you won't stop creating custom forms and menus, and buttons, and.... And using it will allow you to more easily learn VB (if you have some programming knowledge).