The only downside is the inevitable beep in the middle of the night that wakes you up.
Enter Llama. It's designed to change the ringer and notification volumes depending on the time and where you are.
Previously I used Foxyring, but that used GPS data which sucks the battery dry, so I ended up just using the timers.
Llama however has a trick up its sleeve - passive scanning of cell towers (already known by the phone unless you've put it in flight mode). By using this instead of GPS, you can have some really nifty rules.
For instance I have my phone go louder when I leave home, and very loud when I'm working in the noisy Datacenter, but quiet at work and at home, and silent overnight.
It's highly configurable but the defaults are pretty useful.