Perl 5 x 65 = 335 chars
perl -E '
$r=11;$p=atan2(1,1)/7.5;sub c{($A,$R,$C)=@_;$a[$r-$R*cos($A*$p)][
$r+$R*sin($A*$p)]=$C." "x($C!~/../)};while(::){@a=map{[map{" "}(
0..$r*2)]}(0..$r*2);map{c$_*5,$r,$_}(1..12);@t=localtime;for$i(qw
|H:6:5:2 M:8:1:1 s:9:1:0 |){($S,$P,$F,$T)=split":",$i;map{c$F*$t[
$T],$_,$S}(do{$T?1:$P}/10*$r..$P/10*$r)};map{say@{$_}}@a;sleep 1}
'
On a 24 lines console look good (It's 00:12:56):
12
11 1
s
10 H 2
H
H
H M M
H M M M
M M M
9 3
8 4
7 5
6