I used this with -debug=net to measure message propagation across the Internet.
To test:
bitcoind -printtoconsole -regtest -logtimerelative ... you'll get seconds.milliseconds timestamps
bitcoind -printtoconsole -regtest -logtimerelative=1445598671 ... you'll get msec timestamps relative to 2015-10-23 11:11:11 GMT
Setting the relative time is useful to directly compare debug.log timings from multiple bitcoind processes running on one machine (or from machines that have highly synchronized clocks).