iCal 1.0.1 may display events at the wrong time depending on the time zone set in System Preferences.
Symptom
The time specified in the event inspector window does not match the time used to display the event in month, day, or week view.
This issue affects computers whose selected times zones include these cities:
Solution
Download and install iCal 1.0.2 or later from the iCal website (http://www.apple.com/ical/).