Personally, I think it makes sense to eliminate time zones entirely and just use UTC for the whole planet. You would just have to know when people in other areas worked, went to bed, etc. So, for instance, I work from 12:30 to 21:30.
I get up around 11:30, go to bed (ideally) about 5:00.
The main drawback would be to New Year's parties. Not so bad for the east coast of the US, but I bet it would suck for, say everything east of Cairo.
I also think it makes more sense than jack-ass ideas like "Swatch Beat"