I completely fail to see the supposed \"awesomeness\" in this idea. The only things that would be different are:
1) Day / night time would correlate to the timezone. This would be stupid IMNSHO, because this way a lot of people will never get to play during certain PS daytimes. Sure, they could change servers, but that would be not good.
2) Community split up into timezone dependant chunks for no reason and with no benefit at all. This would be pretty much the same as nationality based servers. Even if this would be avoided, the consistency would be severely broken. Example:
Char 1 (on timezone 1: GMT: 0 AM): I hate having to wander the streets at this time, the darkness scares me.
Char 2 (on timezone 2: GMT+12: noon) What are you talking about, the scourching light of the crystal makes my eyes hurt!
All in all, this is the worst justification for multiple servers that I have seen brought up yet, as it only adds deficiencies but no perks.