I just started up my tank and red about this principle quite a bit.
To prevent algae issues I use 3 hours on, 3 hours off and then another 3 hours on. Whilst reading about it I found that 3 hours on is the advised minimum because you give the plants the opportunity to start up and to really get going. The 3 hours break will give the co2 levels in the tank the chance to stabilize in order to be at the appropriate level for the last 3 hours of light. My idea is to expand these 3 hour blocks to 4 hours further down the road.
About the fish, I don't have any in yet, but I cannot imagine them caring very much. In "the wild" I imagine there to be places where, because for example a big tree standing in front of a pool, the sunlight hits the pool intensely for a few hours, then hits the tree for a few hours causing the light to dramatically decrease and then hit the pool again. Giving roughly the same effect as I am doing with my tank.
I don't use pressurized co2 btw.