I don't think it needs to be exactly 12-12, I would think that a few hours less would actually be better. I'm sure you can go a bit more without too many ramifications (sp?), though, besides maybe some increased algae growth.
I would say that it doesn't need to be PITCH dark during the night cycle, but you would want it pretty dark. I would think that if there's enough light so it would make you uncomfortable to sleep in, your fish would feel the same.
On the other hand, I'm no expert!
~Adam D.