My account creation time on release-de-wiki is 3. February 2011, 21:28, but the confirmation code will expire at 10. February 2011, *20*:28. Looks like UTC, because timezone of that wiki is +01:00.
I have seen, that in r32557 the date format was changed from content language to userlanguage, but the time adjust was not removed, and so the time in the e-mail is UTC, I think.