It seems logical to me that whatever time I write in my calendar app is the time that I expect something to happen. I.e. it is the local time at wherever I happen to be. If I put in a meeting at 4pm on 8/7/2011, then I expect an alarm to sound whenever the local time is 4pm on 8/7/2011.
That's how my paper diary works (or used to work when I had one) - if I am planning for a future event where I will be in a different time zone, I simply write down the local time of the event.