The Vegas time displays are dead perfect to the frame and grid marking. They're (the burned in video TC and the application running time code) are quite literally never out of sync.
You can see below that the play cursor hasn't reached 00:03:29 yet and the time display hasn't changed yet. If you were to nudge the cursor to that grid line where 00:03:29 is the time display will change exactly on that spot, in perfect sync with the burned TC.
Reaper has two 0:00:00 ruler markings showing there (not sure why) and it has the time display running a little bit ahead of the grid. The cueing below is the exact start of frame 1 but you can see the time display shows it as frame 2. The video there is all black with TC burned in.
Studio One does much the same thing, runs about 1/2 frame ahead of the actual time code. The spot where it's cued below is where it changes over, about 1/2 frame early.
The burned in TC in this case below (although not shown in the pic) is reading 00:00:11. Like Reaper, the time display is running a little bit ahead of the actual frame.
Note:The result of both of those examples is cueing to random places on the timeline and having the burned in timecode not match the application timecode display, to be off by one frame, which never happens in Vegas.
I did make certain to set the projects correctly for both Reaper and S1, both to 29.97 dfps to match the test video.
Airon:Is this offset problematic in any practical way for either host? Thanks.