+1 on the same issue.
I found some corresponding post on the forum - but no anwers yet http://www.magentocommerce.com/boards/viewthread/22694/
I agree on the analysis that Magento is saving all this dates in UTC(GMT) - saving all dates in the same timezone is probably good for multi-store, multi-timezone setup.
Store 1 in PST (GMT+8 / summer time) - order at 10:30 (local time)
Store 2 in a different timezone (EST) - order at 13:30 (local time)
2 orders are saved in database as 17:30 (that correspond to UTC)
Even if system in GMT+1 summer time (19:30)
What you would expect according to MySQL datetime definition is all dates be stored with SYSTEM (GMT+2 - 19:30) in the database and not UTC.
If you compare the database entry with “now()” you will get X hours difference (2 if your system is ... that’s not good.)
The simplest solution is to set your server or database to be in UTC to have no inconsistencies ... until magento fix the the issue and store all dates in the database system timezone - or acknowledge the fact that are UTC time and be carefull when accessing that results…