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I use morning, afternoon, and evening - same as day / night. If it needs more description (i.e. dawn is breaking, dusk,) then i include that in my first action description, Key is to be consistent in headings.
It's all about the lighting and the look. DAY and NIGHT are usually sufficient but sometimes you want to literally cast a different light on the scene, or the time of day is important for the story, and you should always include it in the slug line.
Something else to consider is the logistics of filming. I use MORNING, DAY, AFTERNOON, EVENING, and NIGHT all the time, but I reserve anything more specific (DAWN, DUSK, EARLY MORNING, NOON, etc.) for when it is absolutely necessary. You have a very small window to capture the right light for those times of day, so it better be crucial to the story. And if you can cheat it, you can probably just stick with MORNING or EVENING or whatever more generic time is appropriate.
It's all about the lighting and the look. DAY and NIGHT are usually sufficient but sometimes you want to literally cast a different light on the scene, or the time of day is important for the story, and you should always include it in the slug line.
Something else to consider is the logistics of filming. I use MORNING, DAY, AFTERNOON, EVENING, and NIGHT all the time, but I reserve anything more specific (DAWN, DUSK, EARLY MORNING, NOON, etc.) for when it is absolutely necessary. You have a very small window to capture the right light for those times of day, so it better be crucial to the story. And if you can cheat it, you can probably just stick with MORNING or EVENING or whatever more generic time is appropriate.
If dusk, dawn, whatever is the time, use it in your Slug, just like you would day or night.
One can argue that unless we're dealing with a vampire or the like, it doesn't or shouldn't matter, but it can matter...and it can make a scene much more powerful because of it.
I agree with Jeff, completely.
Just think in terms of your script...
The mood you've created-- Think Contact- VEGA!!!! ... Oh that's me, But think how the sun just barely on the rise or sets and impacts that mood. For heaven's sake, don't write merely "Day" in your slug if the "time of day" is "more significant and meaningful".
In your script, you make the call.
If you determine it doesn't matter, then of course:
Toss the specifics; otherwise, make your slug count.
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When is it OK to use DUSK, DAWN, ETC.?
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But think how the sun just barely on the rise or sets and impacts that mood. For heaven's sake, don't write merely "Day" in your slug if the "time of day" is "more significant and meaningful". 
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