I'm having the same problem, however mine are being stored in the database with about an 8 hour difference.
I have the "Locale Settings" under Configuration -> Server set to Pacific (UTC -

and the admin account time zone is set to is set to Pacific (UTC -8).
Testing I've done:
Created a test article and noted the Created Date as: 2007-05-24 16:57:20 on the New Article creation screen.
After saving the item, I checked the database and the item shows a created date of: 5/25/2007 12:57:20 AM.
So it looks like the date/time is being stored in GMT time, which makes sense. However it appears that it is not taking into account daylights savings time since the real time I created that item was 2007-05-25 17:57:20. I would expect that item to be visible on my sight in approx one hour.
That being said, I have created some items earlier today that are not displaying.
It almost seems like when the page is being rendered, it isn't converting the GMT times back to local times thus not displaying the item.
To test this, I did:
UPDATE jos_content
SET publish_up=NOW()
WHERE id = 78;
and then went to my site and my article was visible. So it seems that the time being stored is not being converted to local time when retrieved.
Any suggestions on what is causing this or do I have something mis-configured?