Same problem for me, this is my hwclock output:
sudo hwclock --debug
[sudo] password for davide: 
hwclock from util-linux-ng 2.13.1
Using /dev interface to clock.
Last drift adjustment done at 1205795002 seconds after 1969
Last calibration done at 1205795002 seconds after 1969
Hardware clock is on local time
Assuming hardware clock is kept in local time.
Waiting for clock tick...
select() to /dev/rtc to wait for clock tick timed out
...got clock tick

Output of the other command is the same.
Every time I reboot the clock go an hour back
I have a compiled kernel 2.6.24.4 with same problem.
The problem begin when I have tried to set clock forward for one hour, due to 
the legal time of my nation.

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hwclock does not work
https://bugs.launchpad.net/bugs/198558
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