This is coming from someone who was in a LS that camped HNMs daily and had a few pieces of rare gear (adaberk, ridill, ect.) prior to Einherjar...

Absolutely 100% no thanks, never again.

Some reasons why FFXI's 24 hour HNMs were just awful
Botting - Bots ran rampant. I never personally botted, but I'm pretty sure my linkshell members in FFXI did, I know other linkshells did, players felt forced to cheat to get the best and to have some type of challenge (the challenge was pretty lame after the years went by). For people who actually wanted to play without cheating, their chances of claiming were abysmal. Unless you could 100% say there would be no botting(gl with that!)... then no thanks

Camping - What is fun about sitting around for 3 hours before something that you probably wont be able to fight pops. Even worse is camping against people for things like Tiamat, Khimara, and Cerberus...

If you want hard fights, I'm all for hard fights. I like competition, but only when its a fair playing field. FFXI HNMs was defiantly not, and I would rather not have that in this game. Not to mention "playing" waiting fantasy doesn't sound like fun either.