Earlier in development, the calendar was blank unless a member decided to subscribe to a calendar. The feedback we received was that no one understood why their calendar was blank. So we switched the functionality to set all members to auto-subscribe to new calendars (as long as the calendars aren't private) by default. Members can unsubscribe from calendars they don't want to see, or turn off auto-subscribe. The idea is that it's better to be over-informed than under-informed, so if you're an EQP and you get a RS Compassionate Service calendar, it may be annoying, but at least you'll be aware that it exists.
Earlier in this thread there's mention of some scheduling bugs with times. I believe that has been fixed now.
Also, some people have asked whether they can use the calendar for production use now or if they have to wait. Initially the goal was to launch at the start of 2011, but there were too many bugs and issues (esp. with the web access management layer) to provide a stable release. So we backed that down, but perhaps worded it too strongly. Now many of the issues have been fixed, and you also have import capabilities. So the current policy is "try it if you want, but don't expect it to work perfectly until late 2011."
Also, in about three months, you'll see an interface redesign of the calendar. This will significantly improve the usability. Also, the only conflicts you'll see are hard conflicts with double-booked locations, not with times.