This paper discusses energy-time entanglement experiments and their relation to Einstein-Podolsky-Rosen (EPR) elements of reality. The interferometric experiment proposed by J. D. Franson in 1989 provides the background, and the main issue here is a detailed discussion on whether a Local Realist model can give the Quantum-Mechanical predictions for this setup. The Franson interferometer gives the same interference pattern as the usual Bell experiment (modulo postselection). Even so, depending on the precise requirements made on the Local Realist model, this can imply a) no violation, b) smaller violation than usual, or c) full violation of the appropriate statistical bound. This paper discusses what requirements are necessary on the model to reach a violation, and the motivation for making these requirements. The alternatives include using a) only the measurement outcomes as EPR elements of reality, b) the emission time as EPR element of reality, and c) path realism. The subtleties of this discussion needs to be taken into account when designing and setting up future experiments of this kind, intended to test Local Realism.