There are some messages about ntpd and it seems that all OK with it.
After system starts it sometimes estabilishing WiFi connection too slow, in 
this case i see "ntpd_initres[6039]: host name not found: ntp.ubuntu.com", but 
when connection is successfully estabilished i see "ntpd[8164]: synchronized to 
83.229.210.18, stratum 3" etc.
But anyway i think that this issue is related not only to ntpd, it seems that 
system trying to calculate time precision by some internal algorythm and do it 
wrong. May be it relates to adjtime etc?

Also i didn't change any specific configurations in my system, this
issue appear right after clean installation of Ubuntu 8.04.3 and
continues after all updates applied.

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System time is very slow and differs with real for about 1 minute per hour
https://bugs.launchpad.net/bugs/482086
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