I have seen werewolves played on other forums, where Days would actually last for days and still people would only post one line in which they stated their vote (mostly random) and not much else.
For me, that is one of the greatest crimes in the world. The long posts and banter is part of the fun! Still, I think your idea has some merit -it would be insane- because it's so fast. I would be willing to try it but it seems almost impossible to find many people who can be online for an extended period of time, simultaneously, and actually commit to the game. Timezones, different schedules...
I did once think about a 24-hours long werewolves marathon, on a holiday or something, with each phase lasting up to an hour. Now that would be intense.
Not sure anyone would want to waste a day doing that, though. Maybe if the weather is really horrible.