The reference entry on world.timeofday reads, "This is the time (in 1/10 seconds) since 00:00:00 GMT today." However, at least when the game isn't being hosted online, the time seems to be adjusted to the user's timezone.
Code Snippet (if applicable) to Reproduce Problem:
client/verb/GetTime()
src<<time2text(world.timeofday, "hh:mm")
Expected Results:
World.timeofday returns a value representing a time in the GMT timezone.
Actual Results:
The host computer's local time is printed instead.
Edit: Others have blamed this on time2text(), but that proc isn't documented as taking time zones into account either.