Traditional intersatellite communications for shared timing information rely on microwave transceivers such as those in Milstar, AEHF, and Iridium constellations. With extensive space heritage and well-established engineering and performance specifications, these methods have typified the field of high-performance satellite synchronization for decades, recently introduced into active GNSS satellite constellations such as BeiDou. Optical crosslinks, currently investigated as an augmentation or alternative to traditional microwave-based methods, can provide enhanced precision to intersatellite ranging and time transfer, performing beyond one-way or uplink/downlink microwave-based communications. The challenges of time transfer through optical links and crosslinks can significantly impact the systems architecture, optical terminal complexity, and agreements on international standards. Orders-of-magnitude precision enhancement can enable novel timing and ranging technologies allowing for advanced navigation capabilities. Additionally, basic scientific studies with a fleet of synchronized satellites could inform fundamental physics studies on a truly global scale. We evaluate the benefits, drawbacks, and potential applications of satellite synchronization through microwave and optical crosslinks for shared timing and ephemeris data in support of enhanced constellation state estimation and reduced range error. The risks and value associated with these technologies are also discussed with an emphasis on challenges for aerospace.