I don't think it's very fair to the fish to keep the lights on all the time. It isn't natural and they exhibit different behvaious under the cover of darkness. Imagine if you were stuck in a room with the lights on 24/7.
Blue and red LED's that are used for night lighting are not as bad, they are designed to show what the fish are doing when its dark and the feel more secure. I still would only use them for a period of time after/before the main lights are on, and not leave them on constantly.
With the cost of timers, and the electricity saving, I don't really see why people wouldn't give their fish a natural light/dark cycle. The majority of living things have a circadian rhythm which is reset with the light/dark cycle. Plenty of studies showing this is also the case in fish.