In college, I spent a lot of time trying to live on only 3 hours of sleep a night. It was that "sleep is a waste of time thing." After a couple of years, I crashed and slept through a summer break. For the record, you cannot catch up on sleep. If you think you can shave a few hours one night and make them up another night, you are fooling yourself. However, you can make yourself sick.
Last night I wanted to pull an all nighter for work. I chose to sleep. I might have produced some sloppy work last night in twice the time it will take me to wrap it up this morning. I may deliver a little later than I had hoped today. But my work will be higher quality and I feel healthier. Because I slept. Still wish I could take a pill instead of losing those hours.