As strange as it may seem, I have found that the "timeframe" of the report is controlled by the scheduling feature rather than the configuration tab.
I run a daily report where i am looking for data form the last 24 hours. Once I completed the search config to make sure I had the correct data / fields in the report, I the STATIC feature to select the start & end date/time (Ex. start = yesterday's date @ 00:00:00... end = yesterday's date 23:59:59). I then ran the report to ensure I have the right fields & timeframe so it displayed the correct data. Once confirmed, I then set the report to scheduled and to run @ 6am the next date and "magically" it produces the desired results.
It is sad that insight was supposed to be the "new hot thing" in report for CPPM and it seems they forgot some of the basic functionality that would make the product more user friendly.