After a few years on using an iPhone 2G, iPod Touch and an iPhone 3G, on my birthday, I bought an iPhone 4 and iPad 3G. I have never had issues with the calendar events on any iOS device I have, not even my new iPhone 4. But, when I setup my calendars on my iPad 3G, the times of the meeting events were all off the same amount of time. After a while of research, I discovers iOS devices support a Time Zone adjustment under the calendar settings on the device. After I changed this setting, it corrected my problem.
Fix
Go to Settings>Mail, Contacts, Calendars and scroll to the bottom. You should check under the Calendars section to make sure that your Time Zone Support is set to your time zone.
Here is the thread where I found the adjustments
http://discussions.apple.com/thread.jspa?messageID=11474422&tstart=0
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