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I guess it is probably an oversight that explicitTimezone is not among the facets listed for a simpleContent restriction in section 3.4.2.2 Mapping Rules for Complex Types with Simple Content. At least, I don't see any obvious reason why it wouldn't be there.
(fix typo in summary)
The proximate cause of the problem was that the dump of the schema for schemas used in producing the spec was incompletely updated when bug 6043 was resolved by introducing the explicitTimezone facet. The problem has now been fixed, as documented by the following diffed spec: http://www.w3.org/XML/Group/2004/06/xmlschema-1/structures.b7985.html (member-only link) The WG expressed a desire NOT to see proposals for this issue, unless complications arose, so I am going ahead and moving this straight from needsPublication to resolved. Kevin Braun, as the originator, you are asked to check the change recorded above and close the issue, or reopen it, to indicate that you are satisfied, or dissatisfied, with the resolution. If we don't hear from you in two weeks we'll assume you are satisfied.
Unfortunately, I no longer have member access. I think I can take your word on its being fixed.
Further report, 19 October 2012. At some point, this fix fell off in some versions of the spec. (The change is recorded in the diff against 1.0, it's just missing in the fair copy.) Now bug 16785 is raised on the same point. We will issue an erratum.