Song of Time, takes you back to the start of the first day (Backwards in time!).
I misread you, it looked as though you were under the impression that the Song of Double Time let you rewind hours if you messed something up. I'm more than aware of the Song of Time. I'd never had to reset a cycle due to a missed trigger, but if I did, I'm more likely to find out what's left I can do in that cycle rather than just start over. Ya know, unless it's the last or one of the last quests in the game.
Look at it from my perspective: I play Zelda games for adventure, exploration, and dungeon-crawling at my leisure. Do I love the worlds that are presented and want to get to know them? Yes. But at my pace. Majora's Mask takes that from me. Is it a bad system? No, and were it not a Zelda game, I'd probably be pretty cool with it. But seeing as it's a Zelda game, I can't enjoy it as much as others because it takes away that freedom to do things exactly when I want, not have to go this certain day and time in this certain cycle. In my eyes, there is literally zero challenge to waiting around, it's merely an annoying hindrance. As Limebeer said, I'm glad Aonuma listened to the fans and accommodated this simple change for us; as a Zelda fan, I want to enjoy the games as much as everyone else, even if in a different way. As I understand, many people already enjoy the same Zelda games for different reasons already. People who want to manage their time and plan out everything ahead still can, and those of us who are either impatient, paranoid, or focusing on one sidequest at a time can work through it faster.
The game now accommodates myriad playstyles. I personally think that's an upgrade.
Yeah, I get it, those of you who preferred the old system, you feel like something's being taken away. But to write off a feature some of us are excited for as "simplifying" or "cheating" is really insulting, and just not accurate. Are you trying to alienate us, or possible newcomers who were similarly wary about the time system? Do you not want people to be able to enjoy this game in some degree? Different strokes for different folks and all that, and I'm sure there will be people who love the change but still not like the game that much, but there are many of us who perceived this as one of the few issues with the game. We're happy it's changed, and many of the comments from the detractors are basically coming off as belittling and trying to make us seem inferior.
If this is not your intent, I strongly implore you to check your language first before posting. I may have said some belittling things myself, but I was frustrated by a lot of things I'd read up to that point, people whining that the game was literally ruined just because of this change, people who cried out for the game for ages and now they're only complaining about the changes, and I'm all-out aggravated as hell by it. I apologize for the antagonistic things I've said, and I'll try to avoid it, all I ask is for some mutual respect in return. 
