I'm also seeing this problem. The timestamps of SMS messages that are sent to me, read 5 hours behind the actual time in my timezone. So, a message sent to me at 8:27pm shows 3:27pm in the timestamp. But the timestamp of messages that I send out are recorded correctly.

I'm using my phone on Rogers and my timezone is GMT -7. I didn't run into this problem with my prior phone (Nokia E71).

Is anyone else having this issue?