Date Field not honoring timezone setting

I would really appreciate any help with this. We recently moved servers and things started breaking.

We have a drupal site acting as a calendar system. It creates iCal feeds with the date/time in UTC. When importing into something like google calendar, dates show in the correct timezone.

We have another drupal site that we're importing the ical feeds into. The problem is that the date gets stored as UTC in the database, seems fine, but the cck field isn't converting the time on display, so the date ends up being off (its displaying UTC rather than with an offset)

I've tried changing every date setting like sites timezone, user, none, etc. It works fine if I manually create the node, but not when using feedapi and parser etc to import the iCal feed. However looking at the database, everything seems to be stored correctly. Any ideas?