Different babies...
There is two kinds of sync's you are going to deal with in audio and midi.
One is word clock sync. This is where you have to somehow sync two digital devices together so that any interchange between them has all the sampling rate clocks in sync.
The other is "position" sync. This is where you sync two devices together to play at the same time, and keeping the relative time of the two devices together.
They are two different things all together.
One is for getting digital audio flowing back and forth between units and have each unit sending/recieving data on the same digital clock. The other is to have a tape and maybe a sequencer stay together.
There are numerous different protocols for sync. AES/EBU, S/PDIF, Alesis ADAT sync, T/PDIF, word clock, etc....There are basically the sync's used for aligning digital clocks between units so the samples match up.
For position sync, there is MTC, Midi Clock, and SMPTE. I don't know of any others. SMPTE is by far the most stable. Although, MTC "derives" from SMPTE, so it may be usable. Midi Clock seems to have "drift" depending upon how complicated the set up is. With any of the position sync's, there is going to be some slop and play. But generally speaking, midi is the least reliable. SMPTE is the professional standard, and most pro gear that does position syncing will have SMPTE. If it don't, then you COULD have some problems with drift. But, that is not a given. Sometimes you just have to try MTC or Midi Clock and see if it works. The deal with midi is that if you have a lot of midi infomation going through the same cable, things start getting too complicated for the sending and recieving devices and you either lose sync, or midi commands get lost. There are ways around that, but this requires some very versatile midi I/O on the devices you use.
No matter what, syncing uses the concept of Master and Slave. No, not S&M stuff! But sort of....

The master device supplies the sync for the other devices (slaves) to follow. In a complicated studio setup, you will have to usually have a Master Time Code device to keep everything happy and in sync. MOTU is probably one of the worlds leaders in Master Time Code devices, and they offer units that can keep any number of different kinds of sync's running well.
Go to Alesis's website and download the manual for the BRC. That manual has some excellent (but sometimes hard to understand if you don't read carefully) descriptions of all the different clocks. It should clear up your questions.
Good luck.
Ed