Any future-dated entries are not displaying for me once the entry date is current. The exception is if I touch any entry in the channel (which is nice that it busts the cache, but it rather defeats the purpose of future dating). I have global caching enabled, but not on the template itself. Caching provides a nice speed improvement, so I'm hoping the answer isn't to disable it entirely.
{exp:channel:entries channel="mychannel" show_future_entries="no" limit="1" orderby="entry_date" sort="desc" disable="categories|member_data"}
Most recent: {title} - {entry_date format="%D, %F %d, %Y - %g:%i:%s"
{/exp:channel:entries}