That stuff has not changed yet. It's still that retarded Bars&Beats setting in the Grid setup, though of course the timecode indicator can be switched to anything you want.
Since a new kind of Feature Request system is in place, where people can vote on things, here are two of those so-called Issues that are very useful for post production:
Improved Video Support, including timecode grids
http://forum.cockos.com/project.php?issueid=604
Area Selection
http://forum.cockos.com/project.php?issueid=122
Please bear in mind that the Issue Tracker is not for discussing feature requests, and +1 or "me too"ing requests. If you have an additional idea that would be great for the feature request, go and post it, else simply vote.