I believe ntpd is already included.  If not, it'll definitely be included in the next release.

We're also going to tune the driver so that it's more accurate for the next release.

There is a script that syncs the chumby's time.

Script /usr/chumby/scripts/sync_time.sh already exists:

#!/bin/sh
# Options:
# -b   Boot option - allow for large jump in time
OPTS="$*"

if [ ! -e /psp/use_ntp ]; then
    echo 1 >/psp/use_ntp
fi

if [ `cat /psp/use_ntp` -eq 1 ]; then
    # rdate is deprecated - use only if /psp/use_rdate is present
    if [ -e /psp/use_rdate ]; then
    rdate -s time.chumby.com
    else
    NTPSERVER=pool.ntp.org
    [ -f /psp/ntp_server ] && NTPSERVER=$(cat /psp/ntp_server)
    ntpdate ${NTPSERVER}
    fi
    echo `date +%s >/tmp/time_update`
fi

/usr/chumby/scripts/save_time

This script is run via crond, I believe the default is once per day, I've changed mine and I can't remember how it started

crontab -l

to see how your cron is setup

I've edited my crontab to

0 0,3,6,9,12,15,18,21 * * * /usr/chumby/scripts/sync_time.sh

This change means it will sync time on the 3 hour marks.

Be careful in the crontabs as that is also what causes the flashplayer_watchdog to run every minute (the thing that should fix your chumby if the control panel crashes).

The fix for this is in QA.

Having this problem as well.  Good thing I've never trusted my Chumby as a true replacement alarm clock. 

Hope to see a fix soon, but I don't think I'll ever be confident that the time is without fault.

After some days....

Stevefalco's patch working fine for me!

sync_time.sh gets run as part of the network startup process.  So as soon as you have a network connection, you'll get the time.

I believe it's also responsible for setting the hardware clock, which gets used if you start up without a network connection.