I haven't heard anything about it but will shops be open at night or will you be able to lockpick the door and steal stuff while the NPCs sleep?

Unlikely. Its not Skyrim, we cant wait for 10 hours until it opens again. But it would be good if we lose reputation if we steal stuff

i would not mind if there were certain shops that were open at different hours. its not likely to happen, but it does make the world feel MUCH more alive. one of the things i liked about fable/tes is the feel as it turns to night time and people head home or out to dinner, etc. THAT is something that MMO's have always lacked and i would be willing to go a little extra ways to sell my lootz if the world felt more real.

hope for a real breathing world -Law

I don't think shops will close at night. Since this is an MMO, there is no "wait/sleep" function. Everyone can't wait for the shops for open whenever the sun sets! Shops will most likely be open at all times.