It'd be a convenient alternative to quitting to the main menu (particularly if you're playing on a server) every time something comes up in real life. (E.G. Someone you live with wants a quick hand with something, get a phone call, pet knocks something over, nature calls, etc.)
I had the same thought. I also think the speed with which my toon is hungry again after eating a steak, let alone anything that might constitute a full meal, is way too fast. I have not timed it yet, but it sure feels like I have to feed my character every five minutes. And I sure did lose all my items once because I had to go AFK. No pause function?!