Weirdness with recently updated NTP on -current?

I just today updated my system to the most recent -current.  Upon rebooting,
I noticed that NTP seemed to be seriously confused:
Aug 23 16:29:01 ichotolot ntpd[1694]: time correction of -433225776 seconds exceeds sanity limit (1000); set clock manually to the correct UTC time.

Further experimentation revealed that indeed, the newly updated NTP seems
to be somewhat confused.  Behold the following transcript.  Note that
"ntpdate" is the -current ntpdate in /usr/sbin, and 
/snap/usr:daily.200808230000/sbin/ntpdate is the ntpdate from my previous
-current build as of last July.  The old ntpdate gives a sane value for
the time offset between my machine and another one on the local LAN, but
the new ntpdate gives something totally out-of-whack:

Script started on Sat Aug 23 17:05:42 2008
ichotolot# ntpdate -q -v -v aagenfelt
23 Aug 17:06:18 ntpdate[24205]: ntpdate 4.2.4p5-a Sat Aug 23 15:03:37 CDT 2008 (1)
server 10.0.0.8, stratum 3, offset -866449315.927817, delay 0.02515
23 Aug 17:06:18 ntpdate[24205]: step time server 10.0.0.8 offset -866449315.927817 sec
ichotolot# /snap/usr:daily.200808230000/sbin/ntpdate -q -v -v aagenfelt
23 Aug 17:06:33 ntpdate[25545]: ntpdate 4.2.0-a Tue Jul 29 19:06:12 CDT 2008 (1)
server 10.0.0.8, stratum 3, offset 1.102235, delay 0.02666
23 Aug 17:06:33 ntpdate[25545]: step time server 10.0.0.8 offset 1.102235 sec
ichotolot# exit

Script done on Sat Aug 23 17:06:41 2008

(Also note that the out-of-whack value from ntpdate doesn't match the 
out-of-whack value from ntpd either.)  

Has anyone else seen anything like this?   This is on a Core2Duo system
running FreeBSD in i386 mode.