It's rare for ntpd to step time forward, unless ntpd lost synchronization and the local clock has drifted beyond +/- 128 ms by default. On a 7x24 production server, it's very unlikely, time is always slewed. But a standard leap second implementation
requires the addition or deletion of time via adjtimex()'s TIME_INS and TIME_DEL, it's not adjusted gradually.
> "oh, I'm more than one second behind now, I better start fuzzing and catch up".
No, ntpd would say, oh, leap second, now it's the time to tell kernel to delete a second! And if the kernel's negative leap second code path has a bug, kernel panics and everything crashes.
...Yes, you probably can force ntpd to ignore the leap second deletion and also force NTP to slew time only. This approach is similar to leap second smearing (which is considered a violation of standard but nevertheless an useful hack). But it requires manual configuration, by default the standard approach is used.
So the bottom-line is: Time will be forcefully stepped ahead by 1 second (which is an uncommon scenario on production server), and, it would not just be an ordinary step - it uses the operating systems normally untested negative leap second code path. I'm not sure what the consequences would be for various services, perhaps not much, but my worry is the interactions in a complex application can produce unexpected outcomes. Also, how many systems have implemented the negative leap second in the code path? And are they all tested?