I'm running m0n0wall 1.0 and noticed today that I was having an IP
address conflict.  (still don't know why it is showing up).  Anyway, so
I took a look at the DHCP leases screen and saw that start time for the
offending MAC was ahead 8hrs.  It seems the system logs time is
consistent with what I have in my time zone.  I'm guessing it is pulling
the time from GMT rather than what you actually have in the time zone.