Canon 5D Mark III SMPTE Time Code

I was reading over a review of the 5D Mark III and came across information about the SMPTE time code. Has anyone used this for filming with multiple cameras to synch the audio? How would you use this in Premiere Pro CS5.5?

By the way, the Nikon D800 does not have time code included (according to the review I read), its only on the Mark III. So for those interested in video, this might be of importance.

Reference: http://www.smartreview.com/canon-eos-5d-mark-iii-22-3-megapixel-full-frame-digital-slr-camera