The time command will display local server time, this is useful if you need to report something to the staff of the mud. They will examine logs using this time as the reference. It also shows you the in game time, so you may know when it is day or night (important as some places shut/open for th night) and the status of your timed attributes.

Examples :

:time
Game-Time: 10 o'clock PM.
Real-Time: Wed Oct 31 09:44:11 2001 (GMT).
       Turn   *READY*
       Pray   *READY*
:pray
:You feel extremely pious.
:time
Game-Time: 10 o'clock PM.
Real-Time: Wed Oct 31 09:44:31 2001 (GMT).
        Turn   *READY*
        Pray   293 seconds left on current run