Looks nice, but:
1.) when I click into any of both text boxes you should preselect all its contents (like its done when focusing the textbox using TAB) so I can start typing a new hour / minute. I don't want to select it myself using the mouse or hit backspace 2 times before I can change hour / minute if its not "00".
2.) it would be nice if the focus switches from hour to minute automatically if I have typed two digits into the hour box.
3.) The PM/AM behavior seems strange. 15:00 AM doesn't make sense. If AM/PM is visible, hour should only allowed to be 0-12.
4.) What if the time value being shown is optional? I can't delete all the contents to get a "null" time (thats why I prefer a single box for TimeBox. I don't want that hardcoded ":" between empty fields and also deleting a time is easier: CTRL + A => DEL in a single box).
I like the name. Eureka is a funny tv series! :)
-- J.