Considering that they said that the time can also go back i think this game will feel a bit different that what we are thinking now......but personally i love the idea that i have to fight (for example) not only to get stronger but also to turn back the countdown :)
Well, as you said, it does add an element of urgency; you're going to need to be thinking a few steps ahead to make sure you don't make any critical mistakes. If pulled off well, it can be exciting, and will pose a nice challenge. Apply it wrongly, however, and it becomes frustrating and unenjoyable.
Personally, though, I don't think completionists should be that worried if there is an NG+ option. Of course, I'll be trying for as much completion as I can on the first run (100% on he first go would be great), but knowing that you can try again without 'starting from scratch' takes some of the pressure off.
I haven't played many games with time limits. Played both Dead Rising 2 and Off the Record and that kind of time limit is not a favourite of mine. But at least Of the Record had the decency to let you just dick around forever in a non-timed sandbox mode. I doubt Lightning's Return would do the same though. Different genres and all.
But now I got back to thinking about Batman and Robin, the PS1 game, which also had a time limit. And, dare I say, it was executed decently. You'd start the game at 19.00 in the evening and certain events would happen at set times, giving you enough time to collect clues in order to find out where the next crime would happen and drive there. Or you could just drive around until the final event of the day started - at around 22.30; 23.00; and 00.00 for all three days if I recall correctly - and you could go and punch the bad guy in the face.
One game minute was sixty seconds long and I don't think anything stopped the clock.
I think I've replayed that game more then I should. Probably because I never beat it when I was kid.
Obscure PS1 games ftw. Lol.
"And you have proved to be A real human being and a real hero..."
I'm generally not a fan, but so long as its done well, I'm fine with it. Dragon Quarter for instance had a good mechanic that really helped drive the story (granted, that was a corruption bar rather than a time limit, but similar principles apply).