When LR 3.4 writes metadata, it is writing the wrong time zone into XMP:MetadataDate, using a "+" rather than a "-". For example, I'm in PDT (UTC-7:00), but LR writes the following value:
2011:05:13 09:10:17.082+07:00
A number of others have noticed this and wondered whether it has anything to do with LR's problems in spurious "Metadata needs to be updated" notifications; for example, see:
http://forums.adobe.com/thread/849347
A sample image:
Image is not available