VLC doesn't display time for M2TS files.
During playback, VLC up to version vlc-1.2.0-git-20100502-1250 (not tested all possible versions, but it exist for 1.0.5 and some subreleases of 1.1) do not show total time for m2ts file. It also do not display elapsed time. Observed on win32 platform, not tested on others yet.
Sample screenshot: http://rapidshare.com/files/382812753/subtitle_test_output.JPG