It's not just you. Multiple restarts didn't clear it for me here on the east coast. Called Verizon support and they said the "fix" is turn off automatic time updates - which it did. But that's a lame fix.
I agree -- we shouldn't have to turn off automatic time updates. The network should get the time right and the burden shouldn't be on the end user.
No problem with my iphone. Went to bed standard time, woke up daylight savings time. Time settings are 'Automatic'. So this problem appears to not be consistent and has not affected the majority of ip4 users based on what I've read.
I had a brief one hour roll back, restarted my phone and correct time showed. Then at the appropriate time the time automatically corrected and has been right on since.
Have you set it to set automatically? If not, go to settings, general, date time and turn it on. I don't know if it will help but wont hurt to try.
This is already making headlines: http://www.huffingtonpost.com/2011/03/13/iphone-clock-problem-time-change_n_835205.html
Good to know I'm not alone. How can a $300 phone not get the time right?
Suggested solutions in the article include rebooting phone and setting to airplane mode and back.
One thing I REALLY love... Because it's Apple it's BIG news... When there's exploits for Android, and USED their kill switch going on no one cares, but Apple having a kill switch it's BIG news... When 911 didn't work on Android (would crash everytime you tried no matter what device) no one cared. When Apple has a 15 minute window to purchase apps after entering your password everyone is up in arms, but Android you only have to set your password once, and you never have to enter it ever again where's all the crying for that?... I mean it's goes on and on, and it's seriously getting old.