Lanefan
Victoria Rules
Just like not everyone wants to run in the same setting or under the same rule-set, which is why this discussion even exists.Not everyone wants to tell the same stories.

Sometimes one, sometimes the other, sometimes both, occasionally neither; all completely dependent on both the adventure module itself and-or how it was presented by each specific DM.To the old hands around, was there often a time limit in the old adventures that use a system with a very slow recuperation time? Or were they most static/location based?
For example, take G1 Steading of the Hill Giants. As written it's pretty much location-based; it might repopulate if you take too long but otherwise there's no preset time limit, and a party could keep nibbling at the edges for months if they so desired. But to suit her story a DM might throw a princess in there, captured by raiders and given to the giants for safekeeping; and if the ransom isn't paid in 5 days the giants get a pretty snack...so now there's a hard time limit.
One of the strong points of those old adventures is in fact this variability: you can wrap any story you want around them. I find newer adventures always seem to take more effort to run in any situation other than what the writer had in mind, mostly because they come with more story and setting baggage. Pathfinder adventures, while otherwise often very good, are generally the worst for this.
Lanefan