I think it's a reasonable trade-off to not have a day/night cycle. You lose a few things like enemies tied to the night cycle, and you can't have quests requiring things like "meet X at midnight by the docks." But then the devs don't have to program a sleep cycle for merchants either. There is nothing sillier than seeing merchants standing around at 3am ready to sell you stuff.
I do like day/night cycles in games like Witcher 3, but that's more of an immersive simulation style of Action/RPG, and probably had a much larger budget to work with.
I'd like to see more weather, but that might mess with Larian's heavy use of surface hazards. Can't have flames or acid everywhere on the ground if it's raining or snowing. Although, I think I remember at least one zone like that in the DOS 1 game.