Sometimes I like them, sometimes I don't. I'm all over the map on this one, actually.
Majora's Mask did something VERY right with the clock. It was always there, and always posed a threat, but it was not a great threat. Just because you could not finish a dungeon in Majora's Mask in time, did not mean that you'd lose the dungeon item (If you happened to get it). Games like Mario and SOnic pose almost no thread with their time limits, because (for example) in Sonic it's 10 frickin' minutes long. They are like 2 minute levels at most usually...
One of my more popular Mario Maker levels was one where it had a 10 second time limit. It was where if you messed up a lot, you wouldn't even get to see the flag. If you barely messed up, you'd see it, but not be able to win, and if you did ANYTHING microscopically wrong (assuming your mistakes were only microscopic instead of big), you'd actually touch the flag when the time ran out, making you lose. It's short and sweet. The idea of having a microscopic mistake costing you your whole level brings kaizo levels to mind, but it's ten seconds long, so you could keep trying a lot and not get too discouraged. Another thing, is that it brings a good mix of luck and skill to the table: there's the luck of what you do, but the skill is you developing new ideas of how to beat the clock and win by a literal microsecond, and believe me when I say microsecond. That is a good use of the clock.