/etc/xdg/xdg-xubuntu/xfce4/panel/datetime-7.rc is in xubuntu-default-settings 12.04.11.
This file is owned by root:root, with mode 0o644.
The actual contents of the file can be viewed below.
1 2 3 4 5 | layout=2
date_font=Droid Sans 10
time_font=Droid Sans 10
date_format=%a, %d %b %H:%M
time_format=%a, %d %b %H:%M
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