Each container gets its own network namespace (along with other namespaces like hostname, pids, users, ipc, filesystem mounts). Anything not handled by one of the 6 namespaces is the same across all containers. That includes things like what kernel modules are loaded, the system clock, etc.
Because a user with root can manipulate the kernel in many ways, I wouldn't give root to an untrusted user and assume containers were enough to contain them. Certainly if they can load a custom kernel module it's game over, but I'd bet there's plenty of other ways to break out too.
To answer your time question: AFAIK there is no namespace for system time in Linux. If you don't want processes within a contaier to be able to set the system clock then don't launch them with the CAP_SYS_TIME capability.
http://blog.docker.io/2013/08/containers-docker-how-secure-a...