No. This is a rumour and only applies to the Complex !loader version.
Using the Pheonix hack, EvoX is designed to sign the pre-cached image of the default.xbe (which is translated by the X-Box as a "frist attempt to load" file) and will automagically boot to this .xbe and all other linked files as well BEFORE the MS Dashboard (which wouldn;t be possible as the xtf's are now wrong)....
EvoX is designed by default (because of this actually) so that if the power DOES go out, it ddefaults to 10/22/02 (i think... its the day it was released) AND also has a default SNTP server address... so if the X-Box is connected somehow to the internet, it will automagically sync to the latest time. Awesome isn't it?