Recovery_target_time misinterpreted?

Hello PG Experts!

I have restored a Database Cluster with a recovery_target_time set to

recovery_target_time = '2013-07-27 21:20:17.127664+00'
recovery_target_inclusive = false

now it seems the restore rather restored to some point in time (rather the
18th than the 27th). Is there an explanation for this huge gap? Is that the
last 'consistent state'?

pg version:
xaxos_ch=> select version();

version
----------------------------------------------------------------------------------------------
PostgreSQL 9.1.9 on x86_64-unknown-linux-gnu, compiled by gcc (Debian
4.7.2-5) 4.7.2, 64-bit
(1 row)

somewhat irrelevant, as my question is more general?

thank you for your help!

klaus