The applet you are referring to is available as the styleclock package, which you probably installed. I can confirm the messed up description for this applet in Feisty.
** Changed in: kdebase (Ubuntu)
Sourcepackagename: kdebase => styleclock
Importance: Medium => Low
Status: Unconfirmed => Confirmed
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Dummy panel applet?
https://launchpad.net/bugs/42779
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