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XBMC runs great on my jailbroken AppleTV. I was, however, irritated by the incorrect time being displayed. While the time set was maintained by ntp, the timezone was set to Pacific time (seems that Apple never intended for people to see the time, and give no method for a normal user to set their timezone).
A dig around the filesystem revealed a familiar system of setting the timezone. The directory /usr/share/zoneinfo contains various timezone files, which need to be symlinked to /private/var/db/timezone/localtime:
#To change timezone to UK rm /private/var/db/timezone/localtime ln -s /usr/share/zoneinfo/Europe/London /private/var/db/timezone/localtime