I noticed when I ran mylivecd I had errors saying "file stamp in the future". This seemed odd and I checked the time settings in the BIOS, the time was 4 hrs ahead. I re-set the time and watched all of the text when the system booted up, the kernel found a superblock error and re-set the time. I rebooted and the system clock was again 4 hrs ahead. This was with the 2.6.38-4 bfs kernel. I found the exact same thing on my other machine using the 2.6.38-4 bfs pae kernel.
I installed the 2.6.37-4 pae kernel and ran mylivecd on the second machine, the timestamp errors were gone but the system clock was still being put 4 hrs ahead. Granted I have cheap hardware but 2 machines having the same issue makes me wonder if their might be a problem with the kernel. The operating systems clock stays set, I used the proper tool in the "Configure Your Computer" tools.
It is totally possible I made a mistake in my configuration but I figured there was no harm in asking and if there is a problem with the kernel or tool that sets the time you would want to be aware of it. Both computers run fine and the remastered iso's I made both worked despite the errors I saw in the konsole.