I'm having a similar issue. MacBook Pro with OS 10.8.2, iPhone 4s with iOS5.1.1. Syncing iCloud calendars.
All default event alerts are turned off everywhere for all devices.
Created on Mac -> Result on iPhone
1. Event at 9 AM with no alert -> Event at 9 AM with alert at time of event
2. All day event with no alert -> All day event with alert at time of event (12 AM)
3. All day event repeating each year with no alert -> All day event repeating each year with alert at time of event (12 AM)
4. All day event repeating each year with alert on day of event at 9 AM -> All day event repeating each year with alert on day of event at 9 AM and with alert at time of event (12 AM)
It appears that the iPhone is adding an alert at the time of event even though default alert times are set to none. None of these alerts at time of event on the iPhone are showing up on the Mac event details.
Created on iPhone -> Result on Mac
1. Event at 9 AM with no alert -> Event at 9 AM with no alert
2. All day event with no alert -> All day event with no alert
3. All day event repeating each year with no alert -> All day event repeating each year with no alert
4. All day event repeating each year with alert on day of event at 9 AM -> All day event repeating each year with alert on day of event at 9 AM
It appears that the Mac accepts the event from the iPhone exactly as is with no alterations.
Created on Mac -> Edit on iPhone -> Result on Mac
1.-4. In all situations, I edited the event on the iPhone to delete alert at time of event -> no alert on Mac (it was never there to begin with)
Created on iPhone -> Edit on Mac -> Result on iPhone
1.-4. In all situations editing the event on the Mac adds an alert at the time of event on the iPhone.
It seems the common denomenator here is that creating or editing an event on the Mac is somehow causing the iPhone calendar to automatically add an alert at the time of event even though default alert times everywhere on both devices are set to none.
Last, I did a test to see if the "phantom" alerts at time of event on the iPhone actually go off. They did not.