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The AVCCAM cameras have it. You can set it, you can see it in the playback, it's in the files. If you use the AVCCAM->DVCPROHD transcoder, the transcoded MXF files have the right timecode in them. But CS5 doesn't recognize it from the original AVCCAM files; all the clips come in at 0:00:00...Hey Barry...where is that timecode when I try to bring this footage into FCP via Log and Transfer? All the clips come in as CLIP #1, CLIP #2...and all start at 00:00:00:00. Or are you going to say "FCP sucks man, use Premiere!" Hee...sorry. This is the same with Avid...timecode starts at 00:00:00:00 for each clip.
What's the trick?