The lack of a day/night cycle is just one of the many ways that this game mistreats the passage of time. There's also the lack of a coherent rest system and the fact that nothing in the world changes unless you are actively looking at it.
On the story side, everything starts out saying "Rush rush rush! Time is critically important! Pay attention to time!" and then we get the whiplash of "Nope, it's in stasis. I guess time doesn't matter at all. Just do whatever you want." I find it deeply unsatisfying.
I'm not suggesting that a game absolutely has to have a realistic sense of time in order to be engaging. However, when you have a game that is ostensibly based on D&D (where time is a key component) and where your storyline suggests that time management is important, you really need to address it. The story needs to work, and the mechanics need to work, and both of them need to work together; right now, I'd say they're falling flat on all three counts with respect to time.
