I would recommend a recorder with the built-in HD for redundancy, as well as space. When recording at the higher bit rates, a 4GB CF card can get filled quickly, especially for those of us who go to four tracks at 192 on the 744T. Even with two tracks at 48Khz, you'll find the HD more useful.
On the time code issue - In situations that require it, TC can be sent from the 744 or 722 to the camera on an audio channel. The trick is to have a TC reader/display on the audio out of the NLE. Most studios don't have this, but even the recorder connected with the editor's audio track going to the TC input will work. It's not perfect, but it does work. Then again, you can always use a clapper.
Primary System Info
Mac Pro 2x3.2 Quadcore - 6MBram - nvidia8800GT - SATA internal & external storage - Blackmagic Multibridge Pro