Back at the well, Locke prepares to climb down the rope. Jin stops him and threatens to cut the rope unless Locke promises not to bring Sun back to the island. Jin tells Locke that if he see's Sun to give her his wedding ring and tell her he's dead. Locke agrees to do that. Juliet takes a moment to thank Locke for doing what he's going to do if it works. Locke then heads down the rope and as soon as he gets a short way down the well, the island begins to skip again. The light comes up from the bottom of the well and when the island skips, the well disappears leaving Sawyer holding the rope that goes into the ground. Locke falls to the icy underground room just outside of where the donkey wheel is.
So what time is it on the island after the last skip? Presumably, it would seem to be after the well was removed and filled in, but who knows.