Some NPCs require 24 hours to complete custom items. Store inventories will refresh after a certain amount of in-game time (anywhere from 18-24 hours seems to work, in my experience).
Other than that, I don't think time matters. You can rest for increments of 8 hours, and this provides a way of advancing time within the game, but as far as I know there isn't an in-game clock.
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Erydian<br />
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