You will eventually get tired of looking at UTC timestamps in your server log files.
https://help.ubuntu.com/community/UbuntuTime has a detailed guide for setting the time zone on your server and synchronizing it’s clock.
Here are the commands I used to set my time zone and synchronize my clock on Ubuntu 12.04.1 LTS.
Set time zone
sudo dpkg-reconfigure tzdata
Synchronize clock
sudo apt-get install ntp