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According to Engadget, it doesn't impact all alarms. If you have your alarm set to repeat every day at the same time, you should be ok. If it is just set to go off on the weekends or a particular day though, it will be delayed an hour before it fires off.
Engadget tried a few workarounds, like deleting and re-adding the alarm, but that did no good. Apple is working on a fix, but no release date has been specified. Before the bug impacted Europe, Apple said they were aware of the problem and would be releasing a patch but not before that continent was getting the work day started an hour later than usual.
SOURCE: http://www.informationweek.com/blog/main/archives/2010/11/iphone_users_bo.html
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