There are many events that you can connect to HTML5 video. Not everyone will be supported in every browser, but Mobile Safari should do a pretty good job of what you need for this, which is the "timeupdate" event.
video.addEventListener('timeupdate', function() { console.log('video time: ' + video.currentTime); });
You can see the demonstrator for events here: http://www.w3.org/2010/05/video/mediaevents.html
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