I have underwater lights, and only use them a couple of times a year when entertaining. When I do use them, I try to turn them on while it's still light outside so I don't shock the poor koi by waking them up with interrogation lights. We also have 5w lo-vo lights along one side which pick up nice reflections on the water but don't shine directly in. Even fish need their beauty sleep
Another thought: if you have predator problems, lighting the pond, especially all night, will make it easier for the predators and I would imagine it would increase the stress level in the fish.