Its works fine, as I found no bugs yet expect one. It needs to sync with network time to give you a correct time. If I go under date/time in settings and unclick the network date/time and timezone sync, and I reboot it gives me a wrong time.
Is this normal? Does Cyanogenmod relies on your network only to get the time? What if I am on aeroplane mode? I travel a lot and this is a problem for me.