I just mean that timelines are made for a bit diffferent purposes. And about accuracy: by using a timer you can even create a floating refresh rate(when 90 secs remaining RR is 1update/sec, but when timer reaches 10s you can change RR to 10updates/sec etc). I believe its more flexible way for creating a timers. Also event dispatchers can be really useful when many BPs want to know about new second or about time expiration.
BUT timelines still can be used for some simple logic.