I know this feature can't be added into the console version, since Global Illumination did not make it into that version of the game, but maybe a PC exclusive treat?

Wait... I can understand why Global Illumination isn't in the consoles, as it's very resource intensive, but I don't think Global Illumination powers the day-night cycle.
Global Illumination is the approximation of where scattered light in a scene should be.
The image on the left just calculates Direct Illumination, whereas on the right, Global Illumination is applied to simulate the bounced light from the sand onto the figure's body. This adds a layer of ambiance to the scene that cannot be achieved by Direct Illumination alone.
Direct Illumination

Global Illumination

A dynamic Day-Night cycle depends on a multitude of things, but I don't think the lack Global Illumination halts that process. FarCry 2 has a Day-Night Cycle, and I don't think it has GI. As long as they didn't cut out anything else, the consoles probably could do it too.

It would be sweet kicking ass on skyline in the dark of night. Hopefully someone turns on the lights. =P
But in order for the Day Night cycles to look good, you need global illumination.