I collected answers elsewhere and copy them here for memo & whoever else it might help:
-GPS time in the CAM and GPS messages in the pixhawk log files is not a date:hour:min:sec format but a duration since an arbitrary chosen T0. This duration is in microseconds. The arbitrary T0 was chosen as the UTC time on 6 january 1980. Every so often, it is decied to resynchronize the GPS time with the UTC time, thus resetting the "duration" or offset to zero.
-To make things a bit more complicated, the GPS time is not corrected for the Earth rotation speed which forces , once a year to correct by one second the UTC time. It is what they call a "leap second". At this moment in september 2015 (since July 2015), they are 17 cumulated leap seconds.
-The formula to calculate the UTC time on the basis of the GPS cumulated microseconds is : 6 jan 1980 + GPS microseconds - minus 17 leap seconds = UTC time.
-There are function in python and other programming languages who can do this conversion from GPS time to UTC time (be careful, some do not take the leap seconds in consideration)
-The second column displayed in mission planner is thus a calculated UTC time on the basis of the GPS "duration" field.
-This field CANNOT thus be exported in a .log file to excel since it does not exist as a field in the log. It must be recalculated after the excel export to be used outside mission planner.