Providing that you're in that time zone, yes. That clock in the corner is a normal 24-hour clock, showing whatever time it is in your time zone, providing that your PS3's clock is set right. It doesn't count to the "reset", but simply shows the time, whatever that may be. I live in the eastern US, so for me the reset was at 7:00 PM, which is now 8:00 PM since we observe daylight savings time but evidently the servers do not. We're five hours behind GMT, so their midnight was 7:00 PM here (now 8:00 PM thanks to the DST change on my end but not on the server's clock).
Not exactly. The time in the top right hand corner is your localized time. Unless your in GMT then your time won't be at midnight. Adjust your time accordingly depending on where abouts you live.
