I added two new AT commands to get the module to get the time from NTP servers (pool.ntp.org), I used SDK version 0.9.3 and AT commands version 20 as starting point.
AT+CIPNTP=<offset from GMT> , to initialize the ntp, and start syncing the time - for example: AT+CIPNTP=2 to intialize it with GMT+2 offset.
AT+CIPNTP? - to get the current time, for example:
Time: 22:22:42 12/02/2014 GMT+02
Firmware and SDK can be downloaded from http://bit.ly/esp8266-ntp.
Source code can be retrieved from https://github.com/TomerCo/ESP8266-AT
Update: binaries compiled with SDK 0.9.4 can be found at http://bit.ly/esp8266-ntp0-9-4
Comments / Suggestions are welcome.