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Um, it matters because you don't want consecutive lines of text to run into each other?
(This is the front cover of a pamphlet I received describing a conference called Leading Matters on the future of Stanford University. It took me a while to figure out that it didn't have anything to do with typography.)
20 Mar 2010 — 11:25pm
:)
21 Mar 2010 — 12:04am
Leading matters because leadership would have looked too small.
21 Mar 2010 — 7:16am
ha!
21 Mar 2010 — 2:54pm
I bet the designer who made this piece has a very delicate sense of humour.
Alternative: He was just given that line of text without further background.
Great confusion and fun afterwards here.