Reserved for modern gaming discussions.
Ogre Battle for the SNES did a good job of utilizing day/night cycles. Depending upon your units' alignment they fight better depending upon time of day. Also certain units (werewolves, vampires) were minimally/ completely ineffective during the day. Time of day could also effect how certain events occurred.
Of course no discussion about day/night cycles would be complete without mentioning Don't Starve. Suffice it to say those first few nights out in the wilderness, alone and hungry (with naught but a small flame to keep you company) will not soon be forgotten.
I liked the day/night cycle in Far Cry 2. If you wanted to skip doing missions or exploring at night you go to one of your hideouts and sleep. You just set the clock to when you want to wake up. It shows the day/night cycle through from an outside view. I guess it all depends on the game itself, but at least you the option to skip through it on Far Cry 2.
I like the Day/Night cycle in Ocarina of Time. The world wasnt that big, but it was layered so you got explore it in multiple variations. Young link day, young link night, and then old link. It added quite a bit to the game and was utilized very well.