This is a bug caused by problems with the RTC (Real Time Clock) "emulation" in the mcpx. The Xbox's RTC does not behave 100% like a standard RTC, and we have not yet been able to determine why the differences have been causing these issues.
The RTC is powered by a large aerogel capacitor which acts like a small battery. When the xbox is unplugged, this capacitor keeps the RTC logic powered for a short period of time, ranging anywhere from 1 hour to 24 hours, depending on various factors. Once the capacitor has drained (the "battery" has died) the RTC logic loses power, and thus it's non-volatile contents are lost. This includes the current date, time, and "clock mode." When the RTC regains power (by plugging it back in, the capacitor is recharged) it is in a corrupted state, which XeniumOS can not properly process.
Setting the clock in the MS dashboard will fully reconfigure the RTC's data, thus making it again processable by XOS. Booting into the recovery firmware causes the RTC to become partially reconfigured (as a side effect of something compleatly unrelated, actually) and XeniumOS can process it enough to at least boot. (although the internal time/date structures will contain junk data, and you should still go into the ms dash as soon as possible and set the clock, to avoid improper timestamps on files and whatnot.)
We are continuing to investigate this long-standing issue, and will produce a fix when we have one.
--Arti