It would be a jarring inconsistency if you ask me. A combat round is supposed to simulate a handful of seconds of "real life", while what happened in real time to a player not stuck in combat takes minutes, if not hours. With a day/night circle in place this issue (which already exists in the first game) will be even more obvious and ultimately annoying.
In real life, travelling anywhere interesting by foot would take days, not minutes. Forests and towns would be much bigger, and you probably wouldn't have to stab someone more than once to kill them...
It's all fairly abstract.
