I've done the polyphasic sleep thing for ~3 months last year. You can forget about coding for the first 10-12 days or so while you acclimatize (or at least I found it very very hard). And if you don't initiate yourself exactly right you'll find you've wasted a whole month just getting dog tired.

While you do suddenly seem to get a lot of time it makes any kind of socializing hard since you have to sleep every 3-4 hours. Even after a couple of months if I missed one sleep session I would hit a massive wall and all coding would come to a stop.

Lack of time can sometimes be a good thing. It forces you into creative solutions. The funny thing is, although I produced more lines of code during the polyphasic experiment I think the quality suffered (not much but when I look over those pieces it always seems I could have structured it better). I don't know what to attribute that to since I didn't feel any different while coding in or out of the polyphasic state after the ramp up period.