I exerpt from these two web pages in {{ }} quotes below:

http://sourceforge.net/tracker/index.php?func=detail&aid=536329&group_id=12580&atid=362580

(exact same page at http://tinyurl.com/yv9rk )

and

http://minix1.bio.umass.edu/faq/bochstime.html

{{ Under my test conditions (Bochs 2.0.1 on W2K, AMD K6-450 CPU) there
seems to be about a 30x speedup of the Minix clock.  If I enter the command
sequence

  # date; sleep 300; date

the second date command executes about 10 seconds after the first, showing
a time 5 minutes later than the first. }}

{{ You are correct that the choice of IPS can actually cause a
program to succeed or fail.  None of the authors of Linux
ever tested it on a 0.5 Megahertz machine, so there are some
cases where things time out too fast. }}

Fix: This Makefile patch adds two options both of which help keep the guest OS
clock and the host clock closer to sync.

This Makefile patch also includes fixes for many punctuation errors in
output including putting periods in the middle of sentances instead of
at the end.

How-To-Repeat: 
Run guest OS in bochs, do things that require the host clock and guest OS
clock to be in sync or do things that rely on delay loops.