Wow, a lot of emotion out here today! I agree, this sucks, but, unfortunatly it happens to the best. I saw some post about poeple being foolish for applying the update so quickly, well, ponder this; you applied Update1 2 months after it was out, and then today you find it has this drop-dead date of August 12th. Where you foolish for applying that? No, not at all.
My company has a policy that patches and updates will be applied within 30 days, regardless how I feel about it. So I got hit by this bug, but, instead of panicking of attacking the QA folks at VMware, I've been pondering how to solve this problem.
So, if anyone else has posted this solution, then I am sorry for repeating.
I totally agree that changing the date is only a small step in the workaround. So, here's what I am planning to do to fix this since it seems that only the target server is effected, not the host server.
1) Change the date on 1 server in your farm. Luckily I have a spare server I can put into the farm temporarily.
2) Shut off DRS and HA
3) Manually move the VM's from 1 host to this temp host.
4) Place the host you just moved all your VM's off of in Maintenance Mode and remove from Virtual Center.
5) Reinstall ESXi U1 on the host you have removed from Virtual Center.
6) VMotion the VM's from another U2 host to the new U1 host and repeat steps 4 & 5 until all hosts in the cluster are at U1.
Problem fixed, you are now back on U1 code that AFAIK is stable. This will allow VMware to properly fix and test the U2 code before releasing it, and ensures that you are still able to run. For validated systems (those that can't have the clocked changed), I would have a discussion with your legal department to ensure that the time requirements extend all the way down to the host, or just stop at the guest OS. Most legal departments have not taken into consideration the seperation of guest and host OS in the virtual world. It's a grey area to be addressed.