I'm all for the reduction in timers. For one, having a spell timer simply negates the attention you must have to your character. If you know you have 5 seconds left on Oakflesh, you simply reapply it.
When it wears off, you actually see a flash of light around your character indicating your spell has gone away. This makes for better involvement in the gameplay and having to actually pay attention to what you're doing, instead of simply having a countdown tell you when you need to reapply something. Same with poisons on weapons. Granted, you can go into the item management screen and hover over your poisoned weapon and see the indicator, which is similar to actually holding a weapon in your hand and looking down at the slime-covered blade knowing that there is still something coating it.
TL;DR - The elimination of timers has granted more realism in the game world - Would you know in real life how much longer Oakflesh is going to stick around, or would it simply disappear?
Well, would your life regenerate in real life?
I don't think is about realism, specially with the HUGE message that appears when one of your skills increase. It Is about having a practical way to know when your effect will end and be aware of that, that little indicator was great in many ways, now I wont know how much time left and that will affect my gameplay.
I'm not complaining, I was just wondering why they removed it.