I think day and night cycle is a must have, and most likely they will include that, there is still a lot of time in developement ahead im glad they are revealing the game in such an early state when people could add their feedback, it would be way to late to talk about such things if the game was already in Beta...
And speaking of races, i´m not even looking forward for any new races, if the game is going to be decent then already existing races in BG2 is more then enough, well okei they added githyanki but its no a big deal

i dont like playing creatures with ugly faces anyway, unless i get to put FLAMING FIST HELMET on the whole party and hide their faces!!!