Rats! Everything I found about the "Timed out waiting for time change." message says the Real-Time Clock (RTC) hardware support is not compiled into the kernel, the hardware is toast or there is no battery.
Another idea I had was this might be a symptom of the known problem with kernels before 2.6.32 on newer hardware; but, since you are using a .32 kernel, you should not be experiencing that particular problem. Just to be sure, could you use the dmesg command and check for a line that contains "Kirkwood: MV88F6281" and make sure it has a valid chip revision value? While looking at the dmesg output, you could also look at any RTC messages for possible problems.
I'm running out of ideas.