Has anyone had success with this sort of thing? I was surprised to come across this Fisher-Robotics Time Tool L Lance to SMPTE Time Code Adapter (http://www.markertek.com/Product.asp?cat=VIDEOEQUIP&subcat=VIDPROCESS&prodclass=TIMECODE&baseitem=TT%2DL&search=0&off=0&showreturn=0) on http://www.markertek.com which states, Simply put the TIMETOOL 'L' generates timecode (SMPTE LTC) from most Sony/Canon DV (PAL/NTSC) camcorders.
The TIMETOOL 'L' is connected (via the supplied cable) to the LANC socket on a compatible camcorder. Once connected, the unit automatically switches to the correct frame-rate and synchronises it's timecode output with timing data extracted from the LANC port. ...

Steven, that's an interesting find. Looks like it's still in beta, but worth keeping an eye on.

http://www.fisher-robotics.com/

Cheers.

Interesting.
It reads the LANC data packets, extracts the information, stores changes in mode data to internal memory, and outputs a SMPTE timecode stream based on the timecode in the LANC stream.

I've not checked, but not all LANC streams contained a full time code information in past LANC-equipped camcorders. And FWIW there were two variants on time code in LANC streams, consumer and "professional." Not sure how that plays out with current production Canon camcorders.