When I was younger (college), I really wanted to sleep less. I thought that if I could get by on 6 hours, 4 hours, or 3 hours of sleep, I'd live a better life, and would have more time to get things done.

No more. First, there is a lot of research that most people need 8+ hours of sleep, and that this is determined genetically. As in, not everyone can move to a 4 hour sleep night without side effects.[1]

Second, I'm happier and more productive when I'm well rested. Better 16 good hours a day than 20 bad hours.

[1] http://www.nytimes.com/2009/08/14/health/research/14sleep.ht... (registration req'd)