And for a good synchronization I don't think one can afford large
update intervals.

The problem is that with short update intervals, the value of the drift becomes 
uncertain, and thus the uncertainty in the next value of the offset becomes
larger due to the uncertainty of the drift. This becomes more important if you
lose updates dues to line noise, disconnections etc. Chrony is better than
ntpd because it uses the last N offsets to estimate the drift, but N varies
from 3 to about 60, so is usually better on both the drift and the offset.

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