Actually, I was thinking of things being realistic because you used the words "Ultra-realistic" in your discription. Personally, the sleeping thing wouldn't be that bad, provided you could sleep anywhere. I've played plenty of games where sleeping was integrated into RPG's. I think NeverWinter Nights even required you to have a bedroll with you.
Now eating on the other hand, is not something I want to have to deal with. Carry food around or hunting is not something I want to have to deal with when I'm out roaming the countryside. I haven't hunted, or killed a deer once in Oblivion. Some things just border on tedium, and I want to play the game for fun, not spend time dealing with things that I have to do in real life.
Ultra-realistic can go too far imho. That is why most developers shy away from it.