For example I have this CAKeyFrameAnimation:
CALayer* theLayer = myView.layer;
    CAKeyframeAnimation* animation;
    animation = [CAKeyframeAnimation animationWithKeyPath:@"transform.rotation.z"];
    animation.duration = 1.6;
    //animation.cumulative = YES;
    animation.repeatCount = 1;
    animation.removedOnCompletion = NO;
    animation.fillMode = kCAFillModeForwards;
    animation.values = [NSArray arrayWithObjects:
                        [NSNumber numberWithFloat:0.0 * M_PI],
                        [NSNumber numberWithFloat:(15.0/180.0) * M_PI],
                        [NSNumber numberWithFloat:(30.0/180.0) * M_PI], // animation stops here...
                        [NSNumber numberWithFloat:(45.0/180.0) * M_PI], // ignored!
                        [NSNumber numberWithFloat:(190.0/180.0) * M_PI], nil]; // ignored!
    animation.keyTimes = [NSArray arrayWithObjects:
                          [NSNumber numberWithFloat:0.0],
                          [NSNumber numberWithFloat:0.2],
                          [NSNumber numberWithFloat:0.4], // ignored!
                          [NSNumber numberWithFloat:0.8], // ignored!
                          [NSNumber numberWithFloat:1.6], nil]; // ignored!
    animation.timingFunctions = [NSArray arrayWithObjects:
                                 [CAMediaTimingFunction functionWithName:kCAMediaTimingFunctionLinear], 
                                 [CAMediaTimingFunction functionWithName:kCAMediaTimingFunctionLinear],
                                 [CAMediaTimingFunction functionWithName:kCAMediaTimingFunctionLinear],
                                 [CAMediaTimingFunction functionWithName:kCAMediaTimingFunctionLinear],
                                 [CAMediaTimingFunction functionWithName:kCAMediaTimingFunctionLinear], nil];
    [theLayer addAnimation:animation forKey:@"transform.rotation.z"];
What I don't get is:
A) are key time values absolute passed time since the animation has started?
B) are key time values just saying how much time to use for this particular key frame?