I have a Windows SBS 2003 R2 VM as primary DC. I also have two Windows 2012 R2 VMs, one of which is also a DC. The 2003 box seems to bedouble correcting for Daylight Savings Time, causing authentication and replication issues. None of the other VM's seem to have this problem. Perhaps the way Hyper-V provides machine time to the VM already includes DST adjustment, and the indicator for that isn't properly identified by the 2003 system.
I was able to resolve the discrepancies between the machines by declaring the 2003 time service as unreliable and having it get its time from peers:
w32tm /config /syncfromflags:MANUAL /reliable:NO
I'm just wondering if there is a better way to resolve this apparent issue with how Hyper-V passes hardware time to the 2003 box.