Just to make sure I fired up my Bitcoin QT client and, sure enough, it displays BTC to 8 decimal places.  So the Bitcoin QT client is displaying satoshis as described above (100,000,000 satoshis = 1 bitcoin).  I do not have the very latest version of the Bitcoin QT client.  Did they switch to displaying only six decimal places?  Can someone with the latest client look into this and let me know if they changed something (especially related to the definition of the "satoshi").

I also went ahead and changed my display option on my Bitcoin QT wallet from BTC to microBTC and it still displays all 8 decimal places (satoshis) of precision so a 5 BTC transfer looks like this "5000000.00" microBTC.  So you can see the satoshis in the "cents" - just as expected.