It only displays the exposure time on the top LCD. What I normally do when I'm in bulb mode is pull out my iPhone and use the timer on the phone to keep track of the exposure time.
never tried, as my remote as a timer, but what about in Live View mode?
Obviously does bring out other issues....
a generic corded remote for the mk2 does not go for much on flEaBay
If you do time exposures frequently, a remote is very handy: This $30 version is very similar to the TC-80N3 and has been reliable for me: http://amzn.to/WBpEL2
I use the RC-6 infrared remote and kinda like that one. I'm not sure I want to be tethered to the camera, however I may give it a try and maybe I'll like it.