If you leave it on for too long like that, it will be a bitch to get off. It will harden up and it's just a mess. A day, that's fine but i wouldn't personally do it. I know i've missed spots and didn't seem them for a few days, no big deal.
BUT, remember that as it sits, dirt, pollen, etc will get on your car. When you whip the wax off, that's being ground in as you whip. Now, it may or may not scratch your paint, depending if the wax protects it. That's the main reason why i never let it sit for more that a quick cig break.
at first i used the Turtle spray on wax and then once i switched to mother's caranuba wax my paint started to oxidize more. i never had that problem when i used the turtle spray on wax. whats a good kind of wax to use that will prevent your paint from oxidizing?