Dyslexia Software, makers of MIDI Test Box, have released the Universal app MIDI Timecode.

This is another MIDI diagnostic tool that shows, in real-time, the MIDI clock used in syncing your setup.

iTunes Description:

MIDI TimeCode realtime display shows the realtime running timecode code from any CoreMIDI compatible devices including:

• Digital Audio Workstations
• Sequencers
• External MIDI TimeCode sources
• Synchronisers

Buy MIDI Timecode on iTunes: Free

Here is a little setup guide from the developer.