If you're Homer Simpson and you wear the same white dress shirt and jeans every day, this isn't going to help. However, if you're a bit more well-adjusted, this will save a ton of time. Right before bed, pick out what you want to wear the next day and either put it next to the bed or in the bathroom.
You can waste all the time you want in the evening on being indecisive about what you want to wear, and save tons of time in the morning. If you aren't picky, it still saves you a step as you can take your clothes with you on your way to the shower.