I use STP for audio work on a project I do once a year, and it performs surprisingly well.
My setup has all the content media, and all caches, installed on the media array and not the default setting of the startup disc. Or maybe I have just been lucky.
As far as the time stamp issue…perhaps this has to do with interoperability with Avid/Protools, which also do this?
Of course, in Avid you must specify a project frame rate, where in FCP anything goes….so timestamping can give you umm….interesting results.