I tried this on the demo page, just to verify.
After creating a recurring event, if you double click on one event in the series and select "Edit Series", you can change all the details of the recurring event. If you only change the time, all the events in the recurrence move to that time. As expected. The Start Date stays the same, by default. If you go into week view and drag any of the recurring events except for the first one to a new time and select "Edit Series" it starts the recurrence pattern on the selected date instead of just changing the times of all the events.
I have attached some screen shots.