Here we are programming the cameras, not just using them. Try coding ML without math.
Can anyone tell me why TL is showing the 1/48 and 1/64 and Canon shows more settings like 1/50, 1/60 and so on?
Sounds like they use the APEX method.
I also do not understand why it is 1/64 when we need it to be 1/60 for 30 FPS video
You already quoted the answer. We are talking about ML *displayed* values (that is, just printing what Canon gives us).
Why do we need exact values?
1) There is a obscure feature called shutter fine-tuning, which adjusts shutter in 1/50000s increments (or close), which is very useful when filming computer displays (to get rid of flicker).
2) To make sure the shutter speed matches the mains freqency (Canon may print 1/30, but, to avoid flicker, in PAL land you need it to be a multiple of 1/100, that is, 1/50 or 1/33.333). Canon actually does this rounding for you, and ML is supposed to print it properly (but somebody needs to sit down and fix it somehow on the M).
3) When using FPS override, the image gets brighter; you may want to know how much (well, maybe you don't, but I do).
4) ETTR in LiveView. How's this one supposed to work if it doesn't know where it's starting from?
Also... are you suggesting adding a user preference (added complexity) instead of fixing the bug?!