Maybe the lack of day/night cycle is the result of the choice to enable the party to split up and do things in different parts of the world. I seem to remember Larian touting this as a great feature when EA came out. I don't think it is used much though. Some partymembers exploring thje goblin camp while others are in the grove, for instance. Anyway, adding continuous time to this feature would make synchronization of the separate groups quite problematic.
