Kudos on the Lay Out Tracks Using Media Timecode option.
I'm working on the same project with Premiere Pro and Vegas Pro, just to see what I like and what I don't.
One task was to timeline out a whole day's shooting with a single camera.
In Premiere Pro, you select the camera's videos, right-click, and Create Multi-Camera Source Sequence.
You choose to Synchronize by Timecode (which is logical), but then you have to choose Create Single Multicam Source Sequence in order to have them all on one track.
That isn't logical at all, given that you're only making one sequence (it should say Single Track).
The next illogical thing is to set Track Assignments to Camera Label.
There is no camera label, anywhere that I've seen, although you may/may not have Tape Name defined (I do).
That will work when there are gaps in the timecode (off/on shooting, throughout the day).
To do the exact same thing, in Vegas Pro, you just select the clips, right-click, and Lay Out Tracks Using Media Timecode.
To take things a step further, you can select multiple Tape Names and it will create a track for each Tape Name (completely logical) with all the files lined up properly.
I couldn't do that, automatically, at all in Premiere Pro.
Any time there was a gap in the timecode, it would fail.
I even tried making a 24 hour blank video clip and giving it timecode from 00:00:00;00 to 23:59:59:29 and including it in the selection (so every timecode would overlap) and it still didn't work.
Keep in mind, that the only way to automate sequenced in Premiere Pro is by doing a Multi-Camera Source Sequence (at least, that's the only way I've found).
So, Vegas can do this specific task with two logical steps while Premiere Pro requires around six illogical steps.
As an added benefit, I mentioned multiple tracks for multiple cameras.
After getting all of the individual source sequences created (one for each camera), I wanted to create a sequence that contained all of the individual cameras lined up by Timecode.
Again, you have to Create A Multi-Camera Source Sequence to automate it by Timecode.
Unfortunately, it doesn't seem to like doing that with sequences (I didn't get it to work, once).
The only way I could figure out how to do that was to create a normal sequence and drag all the camera sequences onto its tracks.
Vegas does it all with the same logical steps (just choose more than one Tape Name).
Of course, this all requires Timecode and Tape Name to be populated.
So, in short, good job on a cool feature.
JJ