Currently the sequencer uses a special format for displaying timestamps (as times instead of frames). This method is inconsistent with of every other animation/time editor in Blender.
Of particular concern is that times above a minute are still displayed in terms of seconds. That is, we get things like 62, 83, 104, etc. instead of the more familiar 01:02, 01:23, 01:44
EDIT: Only closer examination, perhaps the main difference/benefit in favour of the sequencer's current techniques appears to be in how these different techniques handle sub-second accuracy/time stamps. Perhaps all that's needed is a way to merge the sub-second handling in with the superior formatting of > 1 minute values...
Am I missing something here?