The time changes pending on Title, some are midnight, some are 10 AM PST. Varies widely. I remember playing fallout 3 when it was still dark out on release date on steam, might be 6:00 EST give or take a few hours --- Xbox live GT: Racian
If its a worldwide release then it comes out for everyone at the same time. I am surprised so many people don't understand the concept of Time Zones. I blame the poor education system. But yes sometimes Gabe mistakes the wires on the release controls for Twizzlers an that delays things by a few hours.