The exact time as provided from Internet Time Servers, well displayed and easy to use. As others have said, this app was one of the first I downloaded, and I still use it--for instance, every time I take a flight to another time zone. Whenever I need to make sure my watch is keeping accurate time (or to set my watch it needs it), I bring up my Atomic Clock app.
Its a real workhorse of an app, and it "just works". 5 stars from me!
Breathes underwater about Atomic Clock (Gorgy Timing), v4.51