DataCrypt:
Thank you very much. I believe I'll use an external RTC like the DS1307 or DS3231. I think I can use the Time library for the Arduino and have a battery backup. Furthermore, the Time library actually allows to obtain the time via the internet, so if I'm using the Ethernet shield, I may be able to grab the time that way too. I'm always open for other suggestions or ideas (especially any example projects/code that might utilize these things I've mentioned). Thanks again.
Sure thing! I've used both of those RTCs and they work well with the Time library. I also do the NTP synchronization. I've just posted a library that will do automatic time zone and daylight saving time adjustments. Combine that with NTP, and you have a clock that's always accurate and never needs adjusting! See: http://arduino.cc/forum/index.php/topic,96891.0.html