Well maybe not for overnight, but for me my iPhone is used mainly in Japan on Softbanks network. So when I come home to the States a few times a year, I do not want to pay the huge international roaming, but want to still use the WiFi , so I put the phone into Airplane mode and then just enable the WiFi. People can reach me on my local phone here. By using Airplane mode it makes it easier for me to ensure any app or system wanting to use the cell network cannot with a single click.
Airplane mode has other uses than just being on a plane. That being said, my phone has been on Airplane mode with WiFi on for a week now, and it is still at 40% of a full charge and then is while wireless syncs, some app downloads, iMessages and lots of email. Clearly using WiFi only saves tons of power.