I've created a Calendar list. I've added a single calculated column ("Calculated Start Time") that simply references the "Start Time" column. It reports the correct date when the event is not an all day event. When I create an All Day Event, however, the calculated column reports 5 hours previous (i.e. 7pm the previous day).
It looks like when there is an All Day Event, the math for the calculated column is assuming the Start Date is in UTC or something (I am in Eastern Standard Time == 5 hour difference between UTC).
It looks like someone else has seen this behavior too: http://weblogs.asp.net/zekemouseover/archive/2010/05/11/start-time-amp-calculated-column-wonkiness-in-a-sharepoint-event-calendar.aspx
Is this a known thing? Is it documented? Is it scheduled for fix?