Hi Chris,
I think you are talking about the IPTC time being the same, not the capture time.
The capture time is what is written by the camera in the Exif info, and probably what you are seeing in the Preview dialog if you are using the {time} variable. The capture time (and date) are used for sorting if you choose "Capture Time" from the contact sheet sort menu. So I am a bit confused about why you say your photos are out of order.
The IPTC time normally defaults to the capture time, but it can be changed in the IPTC Info dialog (something hardly anyone does). After looking at the code, the only way we can think of the IPTC time being the same for multiple photos is if you did an IPTC snapshot from the contextual menu for a captioned photo in the contact sheet, then selected the remaining photos and pasted this IPTC snapshot onto them. We will be changing PM today so that the IPTC time is not overwritten in this case, but currently that is probably the cause for the IPTC time being identical. We will also make a change such that if you clear the IPTC Info dialog using the Clear button, the IPTC date and time will revert to the capture date and time (right now it acts as if you clicked on the "Today" button). So, after these changes are made to PM, one way to restore your IPTC times would be to clear only the time field (hold the Option key down and click on the Clear/Options button and only check the Time field). But unfortunately this would have to be done one at a time. The good news is that nobody pays much attention to the IPTC time (and some papers want the IPTC date to be the date the photo is filed, not necessarily the capture date).
Please verify that the sort order of your photos is correct if you are using Capture Time for sorting since it appears that this time is still valid (based upon the Preview window and PS).
HTH!
--dennis