Currently, resetting the clock is one of the later things done in the resume script. My system for some reason comes up 5 hours off initially (some sort of timezone vs GMT issue -- bios is set to EST because I dual-boot with that loser OS), but the problem would also happen with laptops that don't update the time properly for other reasons: the initial things right after resume (including, obviously, things called in the resume script, like bringing up t gethe network) logged with the wrong time. So, setting the clock correctly should be one of the first things done, if not the very first.
Your clock shouldn't jump if you rebuild your kernel without CONFIG_APM_RTC_IS_GMT.
Ah, yes, thanks. However, I've had trouble getting the kernel to rebuild cleanly, and this isn't exactly a fast system (and it's currently the only one I've got to test on...). Hopefully I'll have better luck with RC1. It'd still be nice for the hwclock setting to be moved up, for cases where something is broken.
Moved to the 2nd thing (2nd only to getting the hard disks back up even with inherently broken BIOSes) in 3.0.2-6.