I really like having the time pass at a different pace. I enjoy going into a cave when the sun is up in the sky, then coming out only to find it has turned to night time and the rain is pouring down. While I don't mind a real-time clock system, I spend basically every day of my World of Warcraft life in the 'night'. I'd almost forgotten what the sun looked like!

It also means that the times of day can have greater extremes, as you wont be sitting in it for many hours. Nights can be darker, days brighter! All that good stuff, plus it always gives me a feeling of 'scale'. I never think of my character in a game being as 1:1 scale with reality, so if it takes me five minutes to walk somewhere (real time), that may have been a five hour journey for my character, that kind of thing.

Same in Pokemon, I never saw any morning or afternoon creatures, as by the time I got round to playing it (minus forcing myself to do so) was when it was dark in game. Currently playing Final Fantasy XI while I wait for ARR and have reached Qufim Island for the first time - that the ghosts and skeletons come out and night lends an extra feeling that the world exists and has rules to it.

Also, I believe we can tell from screenshots and stuff that the time of day appears to be shown by the location that round icon on the minimap (with the sun it it, locked at 11 for now), while you have your local time at the top right. It is possible that they may add an ability to switch the local time to server time if you want to double check it.

Always reminds me of a quest in Oblivion, where you find a guys journal, supposedly three days walk from one of the towns, yet it took me all of about forty seconds once leaving the town gates to find it, hehe.