as far as realism, out of all the mods I've tried, this has no competitors:
http://skyrim.nexusmods.com/downloads/file.php?id=1875
using this I've pretty much learned to tell the time of day by lighting conditions. nights and dungeons are dark, but not exceedingly. subtle light changes during the day are spectacular.
Yes, this is my favourite too, its fantastic. Also, no bugs or slowdowns, of course, unless your card can't handle it. 40-60FPS outdoors (and indoors) here with Skyrim HD, Vurts Flora, Ultra Settings, uGrids 7, Ambient Occlusion forced via Nvidia, Transparency AA and this mod runs fine. A tip though, reduce your AA to x2, you don't need any higher with this mod as it has a fantastic smooth AA of its own, but if you disable AA completely it doesn't seem to work properly, (so x2).
OP wants realistic without darkness ^^ "Kiff, we have a conundrum!"