As Chi-Ho Lee noted on the Final Cut Pro forum today, Quicktime 7.1.6 has been released in anticipation of Final Cut Studio 2 and you can now read timecode in the Quicktime Player. Wow! Finally! Not sure why it took so long, but here's the proof.

If you click on the running time you now get a drop down box which gives you three choices of the Standard Running Time, Timecode and Frame Number.

Here's the clip now showing the original timecode off the camera tape. VERY cool and now anyone with Quicktime Player can accurately see timecodes without the need to burn in TC windows. Thank you Apple!