I've been using ntp/sntp for years, on the user, non-developer side for years, and thought I had a good handle on it. But after digging into the source of sntp, I'm abit confused by some terms.
When calling sntp from commandline, without any verbosity, I get:

2008 Oct 29 15:36:18.614688 - 0.271258 +/- 0.018727 secs

After looking at the packets in wireshark, I believe the date/time is corrected for errors, network jitter/dispersion, etc. But the last term 0.018727, supposed to be the estimated error in local system. Looking at the source this term is the summation of dispersion and error.

Has the date and time reported already been corrected by this term?

How does this dispersion relate to 'Root Dispersion' number in the servers return packet?

Since the server never sees the final reception time on the client side, any network delay/jitter must be handled by the sntp client, Correct?

If this is true, has the sntp client applied the local dispersion/error to the time/date displayed?

I apologize, in advance, for the rudimentary level of these questions, and sincerely thank anyone taking the time to respond.

Thanks much.