instead of looking for what it is lacking, look at what they did add? they took player character creation suggestions and added in all of them.. The long hair, the male facial hair and the tattoos/tribal paint. They have added some really neat spells~ and to be honest not sure if cycles would be worth it. Maybe for a thief who wants to steal in the night. Also if there were cycles and NPC schedules. I have a feeling then you would be upset that npcs were sleeping when you wanted to sell or talk to them.

Larian is going above and beyond what most companies do in listening to their fans, I personally am glad I can make the character I want to play over seeing the lighting change..Not all of us are upset about day/night.

*pst* Also remember the game will be allowing mods, I am sure someone or a group will figure out how to do day/night stuff with schedules or it might even be an official DLC at some point ^_^