One clarification needed for QA needed.
What exactly is the token in bug 684783's qpidd log files which indicates usage of wrong function? (egrep -i 'timer|drop|timerdrop' did not find anything related for me)
Code inspection is obvious and will be done.

The code inspection proved the above change.

The code inspection and cluster load test prove that "TimerDrop" messages went away. The issue has been fixed, tested on RHEL 5.6 / 5.7 i386 / x86_64 on packages:
  openais-0.80.6-28.el5_6.1
  python-qmf-0.7.946106-14.el5
  python-qpid-0.7.946106-15.el5
  python-saslwrapper-0.1.934605-2.el5
  qmf-0.7.946106-33.el5
  qmf-devel-0.7.946106-33.el5
  qpid-cpp-client-0.7.946106-33.el5
  qpid-cpp-client-devel-0.7.946106-33.el5
  qpid-cpp-client-devel-docs-0.7.946106-33.el5
  qpid-cpp-client-ssl-0.7.946106-33.el5
  qpid-cpp-server-0.7.946106-33.el5
  qpid-cpp-server-cluster-0.7.946106-33.el5
  qpid-cpp-server-devel-0.7.946106-33.el5
  qpid-cpp-server-ssl-0.7.946106-33.el5
  qpid-cpp-server-store-0.7.946106-33.el5
  qpid-cpp-server-xml-0.7.946106-33.el5
  qpid-java-client-0.10-6.el5
  qpid-java-common-0.10-6.el5
  qpid-java-example-0.10-6.el5
  qpid-tools-0.7.946106-12.el5
  ruby-saslwrapper-0.1.934605-2.el5
  saslwrapper-0.1.934605-2.el5
  saslwrapper-devel-0.1.934605-2.el5
  sesame-0.7.4297-6.el5

-> VERIFIED

An advisory has been issued which should help the problem
described in this bug report. This report is therefore being
closed with a resolution of ERRATA. For more information
on therefore solution and/or where to find the updated files,
please follow the link below. You may reopen this bug report
if the solution does not work for you.

http://rhn.redhat.com/errata/RHBA-2011-1147.html