I thought the following bug might be caused by PIT:
ifconfig eth1 showed UP and RUNNING even though traffic did not work.
The following lines in dmesg look suspicious:
[ 83.017954] Clocksource tsc unstable (delta = 111864067 ns)
[ 83.018930] Time: pit clocksource has been installed.
http://bugzilla.kernel.org/show_bug.cgi?id=9336
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