Today (November 2) is All Souls Day (for those of you who prefer parochial designations, that would be "The Commemoration of the Faithful Departed"), and I note with some disappointment that the LCMS has chosen not to include this Feast in LSB, the new hymnal, reverting to the unfortunate omission in TLH which was for a time finally corrected, when LW restored it to its place. But alas now it's gone again.
Evidently the committee made the mistake which is so often made, of thinking that All Saints Day is the day to remember all the faithful departed. But historically All Saints Day is for commemorating those saints of old who made the good confession even unto death, especially those who do not have particular days for their commemoration. That is why we follow the rubric of employing red (the color of blood), not white, for All Saints.
That's the first thing wrong with not observing All Souls Day: generally it means you forgot about All Saints in the historic sense.
The second thing wrong with it is that when we fail to distinguish between the heroic "extraordinary" saints of the Church's history and the more "ordinary" faithful departed we do justice to neither. All Souls Day is the day for remembering all the "ordinary" among the faithful departed: your departed relatives and friends, as well as simple, humble Christians who died in the faith without having done anything that really stands out. But their works (works of faith all) stand out to God, and He vindicates their ordinary lives with crowns of glory, and they shall rise to everlasting life.
They are even now among "all the company of heaven," yes, as it were right beside, and counted together with the more heroic of the saints. They all rejoice with us at Mass, even when there are only a few of us observing the day in any particular location. In fact, the altar is always a very crowded place.
Both All Saints and All Souls are and remain Feasts of the First Class, notwithstanding LSB's dropping of the second altogether. Next year, incidentally, All Souls falls on a Sunday. Mark your calendars: it takes precedence over that Second Class Sunday and is observed instead. But All Saints is still the day before.