I, generally, do not believe that every L line needs to be 24/7. Though there may be a need for a slight extension of times late at night. You'd be surprised at how much traffic there can be at 1 A.M. with late night workers finishing shifts, people leaving bars and other entertainment centers. The north side Red Line is party central at 2 A.M. weekends.
The real let down, however, is on some of the bus routes. Two daytime/weekday only routes on the north side got cut out entirely, leaving some residents with little to no alternative options. One bus an hour on a combined route would have at least offered them some transit options. A second bus for a couple of hours in the morning and evening rush would have been ideal. Instead, they've got nothing.
In the last round of cuts, some service ended so early that workers now can't reasonably get to jobs for overnight shifts without having to arrive two hours early. And even some well ridden and patronized routes were slashed, leaving passengers having to find other options. Buses which used to fill up on Michigan Avenue or outside the opera house following performances just aren't there after ten or eleven, when people want to ride.