Hi,
Please allow me to start by saying that I do not understand timecode at all 
.
I am trying to wrao my mind around it, and where it falls within the project we are busy with. I have some time to learn about it now, as we are busy with a few things that give me a few days to focus on it. I am trying different tests to try and figure it our, but I am getting a little confused as a result. Here is what is happening.
1) I shoot on a R3D Scarlet. The media is labeled on the camera side, and set to reel 06 (For this test)
2) 4 pieces of footage are shot.
3) Footage is inported into RedCIneX, and exported from there as Editorials. I burn in the following information
3.1) Reel ID
3.2) Frame Number
3.3) Edge Timecode
3.4) TOD Timecode
4) I import this into Premier (I also add the above to the default Metatdata in RedCineX
5) Due to the multiple shots, the clip starts with the following burn in:
ReelID - 006, Edge Timecode - 06:01:20:09, Frame number - 0, TOD Time code - 11:36:58:19
6) I import the clip into a new timeline, and making no changes at all, export a EDL and save it.
7) If I open the EDL in notepad, I see the following:
My question is, why does there appear to be a 9 frame difference between the actual clip, and the EDL details? it is the same at the end, which is 06:01:41:06, and not 06:01:40:23?
This is just the first step to my road towards understanding the mysetries of TimeCode (at this point I feel it deserves the great Capital Letters!)
Once I start understanding this, I would like to figure out how exactly EDL files and Premier work? I have looked around for some pointers online, but am not coming up with much, and I have tested some multiple footage sequences, and the way Premier (or EDL by definition for that matter) works, I dont quite understand the way it exports the tracks - as it can only do one at a time? yet my tests dont seem to show this (Ill run through this question at a later stage I think!)
And of course, the final question I would love to figure out, is HOW important timecode is in our project. At this point, our project is destined for TV, but it is going to be presented as a complete episode. It will be sold as a complete series. Would the broadcasters still need the specific timecodes, or do we then submit a new set of timecode generated through premier?
Once again, I do apologize for the complete lack of understanding, but, we gotta start somewhere! 
Pierre Devereux