A leap second will be introduced at midnight on June 30, 2012. The last time this happened was on the New Years Eve in 2008.
One might say, “OK, I will get to the next appointment 1 second ahead, good!”. So who cares? System administrators would take the matter seriously though. In fact, you may remember a story of Linux machines crashing at the last occurrence of a leap second [1]. It was due to bad code in the kernel prior to 2.6.29 and many OSs were affected including RHEL 4 and 5 [2].
The code has been fixed since. Make sure your kernel is newer than kernel-2.6.18-164.el5 (RHEL/CentOS/SL). RHEL/CentOS/SL 6 kernels are not affected.
A quick note to add is that the above issue applies only if you are running NTP. If the system is not running NTP, you need to correct the clock manually.
Have you heard any news on system auto rebooting back in 2008?