I agree with Joel - that's really important. I have actually added a similar request to the "Can you let us choose excact time for a notification for all day tasks" thread; whatever is more suitable.

Hello, this feature was marked as planned in July. When will it come? I think it is an important feature.
Additionally, an option to fire all missed reminders during this period would be great.

I never want all day events to fire off a notification around midnight (11:45 in my case). While it would be great to have different default notifications for all day events, inevitably I will end up with all day events that do have a notification set (for instance when created automatically via invite or from the browser).

Since I will never want this to fire, please add an "ignore all day event notifications" or quiet hour settings so I don't get woken up when this happens :)