Timecode is used all over the place, especially on shoots that use the Red and the Arri Alexa. Those are timecode capable cameras. I've always been on shoots that used timecode cameras (anyone remember the Viper Cam from Grass Valley?). It's a life saver in terms of saving time in syncing audio and doing post conforms. Using plural eyes is fine for syncing in FCP, but when it comes time to grab the master audio tracks in dialogue editorial, there is no reference back to the original production tracks if there is no timecode, makint the making dialogue editor's job a major headache. I can put all kinds of metadata in an audio file on production, and pro tools can see that and knows which production audio track from my deva/cantar corresponds to the picture edit because of all that metadata and timecode. If there is no timecode there, good luck.