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In its current state, the indicator-datetime shows only the string "Time" on system with recommended configuration (systemd, that is). This is because it expects /etc/timezone to exist, which got deprectaed on Arch in favor of systemd's timedated.
Patches to fix this exist in https://github.com/chenxiaolong/Unity-for-Arch/tree/master/indicator-datetime and should actually be maintained for the [ayatana] version, too.
Fixed, and the required patch forwarded to the upstream developers:https://code.launchpad.net/~ballogy/indicator-datetime/systemd-support/+merge/152233