New "Server time" box in status bar

You implemented UTC time in the status bar in r5060 after a user request:

It's just been replaced with a new item labelled "Server time":

It doesn't seem to take server clock drift into account so I presume it's just my PC's clock displayed in server's local time. Am I right? (I don't have a server in another time zone in order to figure out it myself.)

Would it be possible to remove the seconds? It's quite distracting and I doubt they add valuable info.

The user request ended with some comment like "not very usefull" I recall, so I thought I add something more useful. The new displayed server time is what SELECT NOW() says, but upwards counting is done on the client side, so there is no need to fire that SELECT NOW() every minute.

I wanted to remove the seconds already, but could not figure out some easy way to do that. I'm just having a second look now.