The newest DevBlog has announced the official daily downtime will only be 30 minutes. Up to this point, it's been an hour, but in all fairness to CCP, it's usually less than that. CCP is working to eliminate downtime entirely, and according to the DevBlog, it will be reduced to 5 minutes in the near future.
This is great news! Especially for those outside of the US.
Also, the Tyrannis 1.2 patch will be deployed this Tuesday, November 2nd. You can read the patch notes here.