I have three identical new thin clients with as identical a set-up as i can manage to create -- and one shows this problem. It's particularly annoying as i had the system set to reboot at a certain time every day (mainly to clean up any flakiness from Netscape) -- and the system would set itself 30 minutes or so before the actual time at boot -- which meant that it would reboot again 30 minutes later.
Ack. I'll check on Monday on the deleting /etc/adjtime solution. Cheers, j