No. We were urgently wanting to go public but realized a chat box was required before we could go public. I did the best I could with an inferior chat box so that we could go public, but we plan on replacing the current chat box with a much better one.
Ideally (1) the chat box will show time in your own time zone, (2) the chat history will be there as long as we want, and (3) you should be able to edit your own posts with no trouble.
As I have said before, we rushed to going public with less than the most perfect feature set because we wanted to begin building membership, and we hope that our new members realize we are in a period of major construction where many of our shortcomings will be addressed by new features and different SMF modifications.
Don't worry. It will be fixed. Only question is when, not if.