Customizing Bash command prompt ($PS1) in Linux (and Cygwin)

My configuration of PS1 is:

PS1="\D{%H:%M }\[\e[36;40m\]\u\[\e[00m\]@\[\e[35;40m\]\h\[\e[00m\]:\[\e[31m\]\w\[\033[00m\]\$"

Tutorials and explanation:

• How to: Change / Setup bash custom prompt (PS1)
• BASH Shell: Change The Color of My Shell Prompt Under Linux or UNIX