Time is also an essence. I think this is particularly true of cooking beans.
Why do beans seem to taste better when cooked one day and reheated the next? Because the essence of the bean and the essence of the juice and seasoning it is cooked in have then melded into a whole which is better than either was the day before.
The essence of time may not have a flavor of its own, but it is required to allow other flavors to grow and mature.