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We investigated this further, and the correct date is being synchronzied to the Calendar database. Unfortunately, iCal displays the wrong date on 10.5 if you're in a timezone East of London.

Apple is aware of this problem and is looking into fixing it, but I don't know when that fix might appear. In the meantime, the only possible workaround seems to be for us to synchronize dates without times (since the bug only happens when we specify a due time). This means that any other calendar programs reading the database wouldn't get to see the time, but at least iCal would display the correct date.