This happens on three different phones for three different people here at work.
We are in Arizona and don't observe daylight savings. When we got our droid phones we syncronized them with our Exchange calendar and all of the recurring entries were an hour off.
If I adjust the clock of the device manually forward it will fix the recurring entries but will throw off the static entries.
Apparently the HTC Hero has this exact same problem and there are some long threads about it on the Google and Sprint forums.
This is also happening on the Droid.
I opened a ticket on the Open Handset Aliance page regarding this problem.
Issue 4628 - android - recurring appointments off by one hour from exchange syncronization - Project Hosting on Google Code
Is anyone else running into this? I am curious if recurring appointments created awhile ago (prior to the latest Daylight Savings) are the source of this issue.