From the perspective of the grid operator, however, 50 or 60Hz is not always 50 or 60Hz. A sudden load or a generator tripping offline (to preserve itself) results in a transient slowdown of the frequency of the entire grid. I spent a summer in high school helping out with the analysis of these kinds of disturbances, and there's a distinct pattern to the fluctuation of grid frequency. There are also slight longer term errors in grid frequency, although operators are held to strict standards.
Getting back to clocks, integrating these transient frequency errors over time results in clocks that shift forward and backward relative to real time. This integrated time error is often displayed in grid control rooms, and it is something they deliberately manage to ensure that the 'grid time' is accurate. In practical terms, this means a period of ever so slightly less than nominal frequency is likely to be followed by a period of deliberately induced slightly higher than normal frequency, so that the overall integrated error tends to zero.
More details on the time control aspect on page 13 here: http://www.nerc.com/docs/oc/rs/NERC%20Balancing%20and%20Freq...