Hi Redflag,
Non Drop Frame time code is theoretically never equal to real TIME. Therefore, if you are shooting at 23.976 or 29.970 frames per second, your time code will not match real time.
BUT
If you shoot at exactly 24, 25, 30, 50 or 60 frames per second, your Non Drop Frame time code WILL actually match real time.
So if you where shooting with a VariCam, and say you set it up to shoot at 25 fps, the flagged time code (the time code associated with the flagged frames) will actually match real time, upon playback.
If you shoot at 23.976 fps on your VariCam, event though it’s actually recording at 60 fps, the time code associated with the flagged frames will NOT match real time, upon playback.
Put it this way: if you are shooting in whole number frames rates, the time code will actually match real time. (There is no need for DF time code in whole number frame rates.)
If you are shooting in frame rates that have a decimal attached to them, the time code will NOT match real time in Non Drop Frame.
-Paul Thurston