At this point we have already decided on the date of Codeforces Beta Round#5: it's Saturday, March 20. The exact time is still unknown. I do want to find the best time suitable for most participants. Please, express your ideas in the comments - of course, you should not come up with the time that suits only you, but suggest the most suitable time for the majority.
Wish you high rating,
UPD. Thanks to everybody who wrote comments - I've read them all. The venture proved to be useful. Without your help, I wouldn't have been able to take into consideration all those factors which can affect the number of participants. After much thought, I've made a decision to schedule the round for 19:00 (Moscow time) - I think this option is convenient for most users of the site. It does not mean that we will not experiment with time in future - we will try morning contests, but I can't promise about 5:00:).