DateField - Form.UpdateDateField - today's date

Hi,
  
is it correct that if i use Form.UpdateDateField -->
  
Form.UpdateDateField(FieldName,Format,Required,DefaultValue)
  
Form.UpdateDateField("MyDate","mm'/'dd'/'yyyy",True,"today")
  
the field is displayed with the string "today" but not today's date e.g. "10/07/2011" ?