diff --git a/packages/format-library/src/default-formats.js b/packages/format-library/src/default-formats.js
index f6123ac402854..5db64abc26e31 100644
--- a/packages/format-library/src/default-formats.js
+++ b/packages/format-library/src/default-formats.js
@@ -16,7 +16,7 @@ import { unknown } from './unknown';
 import { currentYear } from './current-year';
 import { footnote } from './footnote';
 import { postDate } from './post-date';
-import { time } from './time';
+import { currentYear } from './current-year';
 
 export default [
 	bold,
@@ -34,5 +34,5 @@ export default [
 	currentYear,
 	footnote,
 	postDate,
-	time,
+	currentYear,
 ];
diff --git a/packages/format-library/src/footnote/index.js b/packages/format-library/src/footnote/index.js
index da46549a3cfa2..bf6a8ad4abf96 100644
--- a/packages/format-library/src/footnote/index.js
+++ b/packages/format-library/src/footnote/index.js
@@ -14,9 +14,9 @@ export const footnote = {
 	name,
 	title,
 	tagName: 'data',
-	className: null,
 	attributes: {
-		note: ( element ) => element.replace( /^\[/, '' ).replace( /\]$/, '' ),
+		note: ( element ) =>
+			element.innerHTML.replace( /^\[/, '' ).replace( /\]$/, '' ),
 	},
 	render() {
 		return (
@@ -27,7 +27,7 @@ export const footnote = {
 			</sup>
 		);
 	},
-	save( { attributes: { note } } ) {
+	saveFallback( { attributes: { note } } ) {
 		return `[${ note }]`;
 	},
 	edit( {
@@ -42,9 +42,8 @@ export const footnote = {
 			const newValue = insertObject( value, {
 				type: name,
 				attributes: {
-					innerHtml: '',
+					note: '',
 				},
-				tagName: 'data',
 			} );
 			newValue.start = newValue.end - 1;
 			onChange( newValue );
@@ -98,7 +97,7 @@ function InlineUI( { value, onChange, activeObjectAttributes, contentRef } ) {
 						type: name,
 						attributes: {
 							...activeObjectAttributes,
-							innerHtml: '[' + newNote + ']',
+							note: newNote,
 						},
 					};
 
diff --git a/packages/format-library/src/post-date/index.js b/packages/format-library/src/post-date/index.js
index 7adc998d024a8..15c4eb13948d4 100644
--- a/packages/format-library/src/post-date/index.js
+++ b/packages/format-library/src/post-date/index.js
@@ -19,7 +19,6 @@ export const postDate = {
 	name,
 	title,
 	tagName: 'data',
-	className: null,
 	render: function Render() {
 		const displayType = 'date';
 		const format = '';
@@ -54,7 +53,6 @@ export const postDate = {
 		function onClick() {
 			const newValue = insertObject( value, {
 				type: name,
-				tagName: 'data',
 			} );
 			newValue.start = newValue.end - 1;
 			onChange( newValue );
@@ -62,12 +60,14 @@ export const postDate = {
 		}
 
 		return (
-			<RichTextToolbarButton
-				icon={ formatListNumbered }
-				title={ title }
-				onClick={ onClick }
-				isActive={ isObjectActive }
-			/>
+			<>
+				<RichTextToolbarButton
+					icon={ formatListNumbered }
+					title={ title }
+					onClick={ onClick }
+					isActive={ isObjectActive }
+				/>
+			</>
 		);
 	},
 };
diff --git a/packages/format-library/src/time/index.js b/packages/format-library/src/time/index.js
deleted file mode 100644
index 12f65dd969f0f..0000000000000
--- a/packages/format-library/src/time/index.js
+++ /dev/null
@@ -1,166 +0,0 @@
-/**
- * WordPress dependencies
- */
-import { __ } from '@wordpress/i18n';
-import { insertObject, useAnchor } from '@wordpress/rich-text';
-import {
-	RichTextToolbarButton,
-	__experimentalDateFormatPicker as DateFormatPicker,
-} from '@wordpress/block-editor';
-import { formatListNumbered } from '@wordpress/icons';
-import { dateI18n, getSettings as getDateSettings } from '@wordpress/date';
-import { useEffect, useRef, useState } from '@wordpress/element';
-import { Popover, DateTimePicker } from '@wordpress/components';
-
-const name = 'core/time';
-const title = __( 'Date/Time' );
-
-const DEFAULT_FORMAT = 'Y';
-
-// Shamelessly copied from https://overreacted.io/making-setinterval-declarative-with-react-hooks/
-function useInterval( callback, delay ) {
-	const savedCallback = useRef();
-
-	// Remember the latest callback.
-	useEffect( () => {
-		savedCallback.current = callback;
-	}, [ callback ] );
-
-	// Set up the interval.
-	useEffect( () => {
-		function tick() {
-			savedCallback.current();
-		}
-		if ( delay !== null ) {
-			const id = setInterval( tick, delay );
-			return () => clearInterval( id );
-		}
-	}, [ delay ] );
-}
-
-function useNow() {
-	const [ now, setNow ] = useState( new Date() );
-
-	useInterval( () => {
-		setNow( new Date() );
-	}, 1000 );
-
-	return now;
-}
-
-export const time = {
-	name,
-	title,
-	tagName: 'data',
-	className: null,
-	render: function Render( { attributes } ) {
-		const now = useNow();
-		const { date = now, format } = attributes;
-		const dateSettings = getDateSettings();
-
-		return (
-			<time dateTime={ dateI18n( 'c', date ) }>
-				{ dateI18n( format || dateSettings.formats.datetime, date ) }
-			</time>
-		);
-	},
-	edit( {
-		isObjectActive,
-		value,
-		onChange,
-		onFocus,
-		contentRef,
-		activeObjectAttributes,
-	} ) {
-		function onClick() {
-			const newValue = insertObject( value, {
-				type: name,
-				attributes: {
-					format: DEFAULT_FORMAT,
-				},
-				tagName: 'data',
-			} );
-			newValue.start = newValue.end - 1;
-			onChange( newValue );
-			onFocus();
-		}
-
-		return (
-			<>
-				<RichTextToolbarButton
-					icon={ formatListNumbered }
-					title={ title }
-					onClick={ onClick }
-					isActive={ isObjectActive }
-				/>
-				{ isObjectActive && (
-					<InlineUI
-						value={ value }
-						onChange={ onChange }
-						activeObjectAttributes={ activeObjectAttributes }
-						contentRef={ contentRef }
-					/>
-				) }
-			</>
-		);
-	},
-};
-
-function InlineUI( { value, onChange, activeObjectAttributes, contentRef } ) {
-	const { date, format } = activeObjectAttributes;
-	const popoverAnchor = useAnchor( {
-		editableContentElement: contentRef.current,
-		settings: time,
-	} );
-
-	return (
-		<Popover
-			placement="bottom"
-			focusOnMount={ true }
-			anchor={ popoverAnchor }
-			className="components-dropdown__content"
-		>
-			<DateFormatPicker
-				format={ format || DEFAULT_FORMAT }
-				defaultFormat={ DEFAULT_FORMAT }
-				onChange={ ( newFormat ) => {
-					const newReplacements = value.replacements.slice();
-
-					newReplacements[ value.start ] = {
-						tagName: 'data',
-						type: name,
-						attributes: {
-							...activeObjectAttributes,
-							format: newFormat,
-						},
-					};
-
-					onChange( {
-						...value,
-						replacements: newReplacements,
-					} );
-				} }
-			/>
-			<DateTimePicker
-				currentDate={ date }
-				onChange={ ( newDate ) => {
-					const newReplacements = value.replacements.slice();
-
-					newReplacements[ value.start ] = {
-						tagName: 'data',
-						type: name,
-						attributes: {
-							...activeObjectAttributes,
-							date: newDate,
-						},
-					};
-
-					onChange( {
-						...value,
-						replacements: newReplacements,
-					} );
-				} }
-			/>
-		</Popover>
-	);
-}
diff --git a/packages/rich-text/src/register-format-type.js b/packages/rich-text/src/register-format-type.js
index 94761e6aaf5d7..2052761954bfa 100644
--- a/packages/rich-text/src/register-format-type.js
+++ b/packages/rich-text/src/register-format-type.js
@@ -78,18 +78,11 @@ export function registerFormatType( name, settings ) {
 		return;
 	}
 
-<<<<<<< HEAD
 	if ( settings.tagName !== 'data' ) {
 		if ( settings.className === null ) {
 			const formatTypeForBareElement = select(
 				richTextStore
 			).getFormatTypeForBareElement( settings.tagName );
-=======
-	if ( settings.className === null && settings.tagName !== 'data' ) {
-		const formatTypeForBareElement = select(
-			richTextStore
-		).getFormatTypeForBareElement( settings.tagName );
->>>>>>> 405bbbda44 (wip)
 
 			if (
 				formatTypeForBareElement &&