Would I need to leave it unplugged for a certain length of time to see this? (I assume there's no short term internal power for the clock?) I usually leave mine plugged in, but I tried a few times unplugging it for half an hour then plugging it back in and it seems to contact the NTP server pretty quickly.(non-eu firmware, using pool.ntp.org)
Today evening I've updated the firmware to latest EU release 1.12.1628 (downloaded from mydlink support page), and I've tested this behavior again to see if this bug still exists. I've powered-off and then powered-on the cam six times, with a delay of at least two minutes between power-off and power-on. The log confirmed, with following two lines, to get time from NTP server without any problem:
[date time] System time is set directly with NTP time, some time-based services may be restarted.
[date time] Synchronization with NTP server is OK.
Next days I will try to test it again many times in order to confirm if this bug has been solved with 1.12 firmware release (now I've not any opportunities to test this bug with older 1.11 firmware release).
Keep you posted.
[update]
On Mydlink support page there is also a new WW firmware release 1.12.1608 (dated July 4th, 2012).