On windows 2003 64bit (4x vcpu, 16GB RAM) server guests I have experienced slownes of guest system clock. Even with options -tdf and -rtc-td-hack (could someone explain differences between them?) problem, more or less, still exists. Clock drift seems depend on system load. What is strange not all guests have this problem, linux and win 2008 working well.
Host:
kvm-88-r1 (Gentoo 64)
4 x Opteron Quad Core 2.3 GHz
128GB RAM