If a device has been configured with Settings->Date & time->Automatic date & time
it will update it's system time when the device connects to the network (and the network can provide a time).
Is there an event that I can subscribe to, so that I know if and when this occurs?
There are broadcasts for those events. ACTION_TIME_CHANGED
and ACTION_DATE_CHANGED
ACTION docs at http://developer.android.com/reference/android/content/Intent.html#ACTION_DATE_CHANGED