C just crashed at 3:45ish PM PST today during the speedbuild competition.
Though I personally doubt the clock has anything to do with it, a lot of people were saying that maybe the clock was causing the lag (for them). Lots of block lag going on, also I had to fly over everything to reload the chunks or I'd see invisible blocks being placed and broken.
Despite this, the lag has been ongoing since the beginning of August for me.
3:56PM PST - timed out again. I got this when I refreshed: http://i.imgur.com/IAAnJAk.png
4:02PM PST - the server came back up, but it also rolled back about 3 - 5 minutes.