Dragon Dogma is freaking awesome and in my opinion is a must-buy. The game is fun though there is not much fast traveling and it might get a little annoying at times (Similar to Dark Soul in that sense but differ quite a lot) but it is an amazing game. Night and Day differ greatly if you have your brightness setting set to the right one although if you dislike complete blackness if your character didn't *spoiler* equip a lantern at night for realism, then well, it'll probably adds more to the annoying factor.
It has character customization (A hella good one), a pawn system (AI that you can get from online and you will even make one though they talk too damn much) and a really freaking awesome job. I'm not going to spoil it for you but the JOB is AWESOME! THE MAGIC AND FIGHTING MECHANIC ARE GREAT!
The monsters are great though some do spawn at the same location again and again, for example if you need to head to a certain place which require you to go down a path that you have gone before and killed the enemy there, they will respawn as the same one. There are some random ones (Though I am not completely sure) and boss battles are FREAKING satisfying.
Dragon Dogma is fun to play though annoying at times but in my opinion, it is definitely a must-buy.