Yeah, basically this question has already been answered, but I'll put in my bit regardless. Real-time, when used in reference to games, merely means that it isn't turn-based combat or anything of the sort, and you are always in control of your character (outside of cinematic of course) as opposed to giving them directions and watching as they carry them out. So basically, Kingdom Hearts 2 is going to play like Kingdom Hearts the original. They might put in a day/night system, but that isn't connected to the term "real-time", at least it never has been in my experience.
As for the game having the same time that you do, that would be quite a bit of a handicap anyway. I mean, think about it. If you take into account constraints such as school/job, early mornings, and, oh yeah, sleep, the only time frame you'd be able to experience in the game would most likely be evenings seeing as that is the time most people have any time to play games.