Not sure if it's a bug or a weird choice of behaviour...
I've gallery of photos taken in different timezones, metadata for each image lists correct date, time and timezone (and can be viewed in Zenphoto admin too).
But, metadata field "Date taken" displayed for each image is altered to the current Time Zone, as set via General->Time zone setting or, if not specified, to server time.
I believe this is not a useful behaviour for this scenario (displaying photo metadata), as it can confuse visitors especially when dealing with photos taken in vastly different time zone - you can get a night photo with listed time taken at noon.