Screen cap for those who haven't seen this. I just changed my clock to a minute to midnight last night and watched it go wrong.
However, just after changing the time, the setting menu crash and I was thrown back to the home screen. Then the next time I tried to unlock the phone felt really unstable, clocks flashed up then it seemed to wake and sleep itself a few times on its own. Pretty scary stuff so I put the time back right. Could be totally unrelated but who knows.
Either way, also I have the date set to UK version (dd/mm/yy) so 08/01/01 is really Jan 8th 2001, and if I make a call then goto my "recents" it shows it as this, in full text.
I find it really odd, you'd think the date and time calendar stuff would be standard code, it just never changed, and if the iPhone really does have a type of OSX on it, this sort of code would be standard and unchanged you'd think?
For those who say it's no real issue because it sorts itself out, I'm not so sure - the "time" on any device can be pretty crucial, time stamping certain data and using that to control how things are manipulated/displayed can be crucial - this bug really needs looking into.