If you ever had a "localtime" problem such as:
### WARNING: could not find /etc/localtime or /usr/share/zoneinfo/localtime. unable to determine host timezone
It can be fixed simply by copying your timezone localtime file into /etc/localtime.
For example in my case, my timezone is Asia/Tokyo, so I copy the /usr/share/zoneinfo/Asia/Tokyo file into /etc/localtime:
sudo cp /usr/share/zoneinfo/Asia/Tokyo /etc/localtime
And that's it!
PS: In my case, it was preventing me to start the Android Device Emulator from Rhodes (Rhomobile) on ArchLinux i686. Works as a charm after the previous command!