One of Jeff's requirements in releasing the data dump was that specific user voting data would not be available. The site goes to great lengths to keep voting data private, and I support that. Jeff strongly had in mind the AOL data dump debacle (google it if you're not familiar) in which AOL thought they had anonymised a search dataset but enterprising researchers were able to correlate data searched for with other information and actually identify real-world individuals. Like, down to their home address, just from what they typed into the AOL search box.
Stack Overflow obviously has less private information and less potentially invasive results if voting data were to be exposed, but if the online site keeps voting data private then the data dump should respect that privacy too.
If the millisecond-resolution vote timestamp were included in the dump, I believe the up/down voting patterns could strongly correlate with other activity on the site (questions, answers, comments). The more history available in the dump, the stronger the correlation can be. People use Stack Overflow during certain times of the day and not others, and the usage pattern will be distinct for each individual. There might be enough pattern information in there to identify who cast a given vote or votes.
I'm not completely certain that one could get useful information out of timestamp correlation in this way, but I think there's enough of a risk that I suggested truncating the timestamps. If somebody can present a convincing argument that there wouldn't be a way to discover user voting patterns, then the data dump can always be changed for future runs. It's certainly not set in stone.