Wouldn't see why it wouldn't return, considering the method of changing the time and date is outside of the software and it just detects your system's clock like any other in the series.
I didn't watch any of the videos yet, but I assume the penalties would probably be the same, weeds, messy hair, villagers gone, roach infestation, that kind of stuff. I usually time skip a day or so at a time than several large skips so I think that should be fine
Not a feature I'll be using, but I am glad for the people who were worried they'd have to miss out on events due to their schedules :3
I'm curious what the penalties mentioned in one of the reviews will be though. Like shendere said, I'm guessing similar effects to NL.