So I've been overnight mashing for some time now. I still occasionally mash for a more traditional length of time (60-90 mins). Typically by the time I drain the mash tun it's at about 140F.
I don't believe my efficiency has been affected much by this procedure.
I don't believe wort fermentability has been affected much either. I know some people think that alpha or beta amylase (can't remember which) will continue to break down the sugars to make the wort more fermentable but I can only guess that after 60 mins most of them are no longer active and after 90 mins they are pretty much done.
The main reason I do this is to split up my brew day which allows me to brew more often.
I'm curious what others believe this method has done to change their final product.