For arcane casters, the rules require 8 hours of rest before preparing spells, and specify a limited number of spells that can be cast in a day. It's the definition of a "day" that seems to cause all the controversy.
The way we play it...
The Rest Requirement: After a spell is cast from a learned "spell slot", a new spell can't be learned into that slot until the character has had 8 hours of rest. After meeting the rest requirements, the caster can prepare some spells, and leave some spell slots open, for later preparation (if time permits).
The Daily Limit Requirement: The same spell slot cannot be used more than two times in any 24-hour (or however many hours are in your days) period. This means that for any spell slot used to cast a spell, you can mark off 24 hours where the spell slot was used only one time. Of course, in this system, it's possible to mark off a 24-hour period where the daily limit of cast spells is exceeded, but it irons itself out over multiple days.
The record-keeping for spells cast can be a pain, so we don't worry about it unless the arcane casters normal sleep schedule is interrupted.
-AK