DISCLAIMER : I am not a PostgreSQL DBA, though I dabble a lot with it.
You probably need to check your timezone in the OS and in psql.
In the OS run this:
[postgres@radarPG-db1 ~]$ date
Fri Jun 17 12:55:37 EDT 2011
In psql, run the following:
postgres=# SELECT EXTRACT(timezone_hour FROM now()),EXTRACT(timezone_minute FROM now());
date_part | date_part
-4 | 0
postgres=# select now();
Many times, some forget to have postgres default the timezone to that of the OS. If the WAL files also contain the timezone in its internal timestamps, you must align the timezone set in postgres with that of the WAL files.
Something else to consider is the following:
The default behavior of recovery is to
recover along the same timeline that
was current when the base backup was
taken. If you want to recover into
some child timeline (that is, you want
to return to some state that was
itself generated after a recovery
attempt), you need to specify the
target timeline ID in 'recovery.conf'.
You cannot recover into timelines that
branched off earlier than the base
UPDATE 2011-06-20 15:08 EDT
This is right from the online documentation. Please look this over and see if you missed any WAL files along the way. If you waited too long to setup the WAL files on the new server, postgres may have deleted them on startup. You may need to find those WAL files. See if they reside back in pg_xlog folder from the old server.
Recovering using a Continuous Archive Backup
Stop the server, if it's running.
If you have the space to do so, copy the whole cluster data directory and any tablespaces to a temporary location in case you need them later. Note that this precaution will require that you have enough free space on your system to hold two copies of your existing database. If you do not have enough space, you need at the least to copy the contents of the pg_xlog subdirectory of the cluster data directory, as it might contain logs which were not archived before the system went down.
Clean out all existing files and subdirectories under the cluster data directory and under the root directories of any tablespaces you are using.
Restore the database files from your base backup. Be careful that they are restored with the right ownership (the database system user, not root!) and with the right permissions. If you are using tablespaces, you should verify that the symbolic links in pg_tblspc/ were correctly restored.
Remove any files present in pg_xlog/; these came from the backup dump and are therefore probably obsolete rather than current. If you didn't archive pg_xlog/ at all, then recreate it, being careful to ensure that you re-establish it as a symbolic link if you had it set up that way before.
If you had unarchived WAL segment files that you saved in step 2, copy them into pg_xlog/. (It is best to copy them, not move them, so that you still have the unmodified files if a problem occurs and you have to start over.)
Create a recovery command file recovery.conf in the cluster data directory (see Recovery Settings). You might also want to temporarily modify pg_hba.conf to prevent ordinary users from connecting until you are sure the recovery has worked.
Start the server. The server will go into recovery mode and proceed to read through the archived WAL files it needs. Should the recovery be terminated because of an external error, the server can simply be restarted and it will continue recovery. Upon completion of the recovery process, the server will rename recovery.conf to recovery.done (to prevent accidentally re-entering recovery mode in case of a crash later) and then commence normal database operations.
Inspect the contents of the database to ensure you have recovered to where you want to be. If not, return to step 1. If all is well, let in your users by restoring pg_hba.conf to normal.