Problem is, how do you measure the time? And what should be the effects?
The original Baldurs Gate had little difference between day and night. A few things where night only, but the rest was static. This kind of day and night cycle is.. pretty meaningless.
For a meaningful cycle, we would need a fatigue mechanic and a dayly routine for npcs. Otherwise all you do is to make the screen darker for x minutes.
Don't get me wrong, I do not mind a day-night circle, it would really add to the immersion, but only if there is a point for it.
It would also give us the chance to have arguments about the best time of adventuring, in the sun or the night? =D
Also, another problem is that the prayers of clerics need to be during different times, also an issue.
It would help against rest-spam though. But, then again, it would need some sort of waiting mechanic, since you can hardly just let your pc run until the day is over and you can take your long rest.
Bottom line, I am all for a day and night cycle and a time mechanic, as long as it is meaningful.
BG 1/2 D/N Cycle was as meaningful as any D/N cycle in games: some new enemies, some quests were time locked, some routine changes.
90% of CRPGs have D/N cycle, it is the standard. Removing it just shows how out of touch with the originals Larian is. Sometimes I think Larian thinks that Dragon Age is Baldur's Gate.