thanks for the new /etc/rc.d/ntpd
...
> rc_flags="-c ${ntpd_config} ${ntpd_flags}"
...
what we can learn from it is that on 7.1 BETA your rc.conf.local file should look like this
ntpd_config="/etc/ntpd.conf"
ntpd_flags="-p /var/run/ntpd.pid"
hope that explains
Nash