I spoke too soon. Last night it did switch over at 2:00am to 1:00am. However, this morning, when I got up, I noticed that the phone had switched ahead an hour. All my Calendar appointments (synced through Exchange) are also an hour off. IOW, I have a 12:00 appointment today that says 1:00, so it will go off at the right "real" time.
I'm on AT&T, by the way.
Update: Turning the phone off and back on appears to have fixed the clock, and my calendar entries are still at the right absolute time (my 12:00 appointment is back at 12:00). So there is still a bug, but easily fixed.