This gives users power to do hardly anything, without paying for actual developer account. even with that you can't really do anything other than install your own apps for testing.
The time does adjust correctly, it's only the alarms that go wrong. as they're triggered off the internal clock, which is always running in GMT, regardless of local time.
Though I concede, it seems possible it might alter its clock speed dynamically, being why system utilities can't show it's listed speed perhaps, but nevertheless it consistently benchmarks slower than the ipad, at a speed that would seem to indicate ~800mhz in normal real world usage in comparison. as it is, anything is somewhat speculative without official statement.
the SOC is indeed /rated/ to 1ghz, as it is used in the ipad at that speed ( albeit with less ram ), but in the iphone it is clocked down for battery life/thermal performance, or such. All the benchmarks show it runs slower than the ipad, at a speed that would indicate it is clocked at 800mhz
Mac OS X 10.6.7 available in Software Update
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