You can probably recount the benefits of being in/on the water waiting for first light…I can only think of Salmon having that predilection for the pronounced early morning bite. Otherwise, I have a hard time anymore being the first on the water.
For the trout fly fisher, so much is attached to hatches and when they hatch…thereby determining when you should be on the water for the greatest chance of success. But, I have to say, as much as I like to fish to rising fish (fish coming to the surface for the emerging insects), I often fish with out an evident hatch. Fishing deep (nymphing/dredging/trolling) has, for me, become equally satisfying and often productive.
That time, when the light of day (cloudy day or sunny day), is more dominant than the early morning darkness is magical to be on/in the water. Fish are cruising about, feeding, maybe looking up to emerging Chironomids or just moving horizontally, on the prowl. The fish take hard and run hard, waking you up and removing the morning chill and clearing your mind.
Morning fishing primes the day. Last light fishing, although often as productive, is disappointing with the abrupt ending…it makes me anxious for more…tomorrow morning.