I would consider this to be pretty significant. It's due to Mono's lack of support for hardfp, and it affects more than just DateTime.
Here's the bug as it's being tracked by the Mono project: Bug 7938 - mono doesn't work on hard float abi on ARM. If you look at the bottom of that page, you'll see that there are two other bugs that have been determined to have the same root cause of this one. Those other issues are for Math.Pow() and casting from uint, which shows that this is a pretty low level bug affecting large parts of the framework.
That said, whether or not it is significant for your project is something you're going to have to determine on your own. If your project has lots of code that relies on DateTime.Now.ToString(), then that's a pretty big impact. However, DateTime.Now.Year and similar calls do return the correct values. I'm just getting started with a Pi and Mono, so I'm not sure how much this will impact anything I'm thinking about porting over from Windows.
The immediate workaround would be to use the softfp version of Debian Wheezy. Or to wait for a fix or patch. There is a mention of a patch in the ticket, but I'm not sure if this fully fixes the problem or the process of actually applying this patch to your own instance of Mono.