For low limit play especially, what time of day do you find the weakest players? I play on stars and have found that during the day I come across stronger players, a lot of multitablers grinding lower limits (maybe ppl from this site? hehe), whereas particularly in the evening I'm finding that I can regularly just sit back and watch the others bust themselves out of the sngs, which is always nice to see.
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I'm actually playing 2$ SNG on FullTilt (ust made the levelup lol) and personally prefer early morning and after work so I normally do 1/2 SNG at 6 AM CET and then some others after 6PM.
I prefer morning because I'm more concentrated and on the ET time zone is 1 AM so players may be tired/drunk 
At night instead I find the game more stilish and challenging because players are more a mix of nationalities
All of the above is placing me ITM 51.28% with a ROI 48.57% since March 1st (I did my levelup about at the beginning of the month).
You can get a pretty good gauge of daily peaks with a tracking site.
http://epokertraffic.com/current/index.php?q=all&d=low&maxRows_pokertraffic=11
shows graphs for sites.
Fridays to Sundays are the best, many more casual players.
I would guess that the average strength of players stays about constant though, when there's more tables, you're more likely to find clumps of fish.
You want to play recreational/casual players mostly. But also those small volume grinders. Therefore you should be playing after work/school hours and dinner time during the week and all the weekend but especially at night when there are a lot of drunk opponents playing.
But it also depends a lot on the nationality of the majority of the players in the poker room you play. If you're in Europe and playing at a site where there's mostly other european players you can guide yourself with GMT time (6 pm - 2 am, on weekdays, and for drunk players on weekends: 1 am to 5 am).
I'd say that on Full Tilt (NL5) when I play at night (Europe, means afternoon for the US) the Players/Flop % is significantly higher than the afternoons. That's just a personal observation though and not a confirmed statistic 
I don't know about best, but worst is around 14:00-15:00 GMT+2. Around this time arives many regulars, but fishes disapears... Around 17:00 again tables are playable.
This is on NL10, NL20 (European sites)