Level 6
Try:
In the XMB use the internet option to set the correct time, make sure that the daylight saving option is unticked, exit the settings back to the main XMB. Use the PS3 controller to switch off the system and then restart and check the time again.
Also make sure your PS3 is set to the correct time zone.
Level 10
Thanks for the tips. PFC, that's what I have to do every time actually and its fine right up until you power down the machine and switch it off at the back and then it loses the time again. It's strange as it never did this before the 1.3 update and now it does it every single time I turn it on!
I have Sonys 'Premium Rate Support Line' number but I wanted to see if anyone was having the same problem or knew what to do about it before I took the hit of another £10 phone call...! 
Level 3
http://www.youtube.com/watch?v=CO8kFHCXiEg
This is what the update promised us, and this is also what happens to most of the update's victims 
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