Some of them say sleep has something to do with maintaining a plausible number of neuronal connections (synapses) in your brain: the more you learn and do during the day, the more synapses you build, the more sleep you need to clean up for the next day. As you age, your brain plasticity decreases, i.e. the ability for your brain to change the number of synapses is not as good. This is why you might need less sleep than when you were a young kid.
If you are interested in the topic, I'd suggest to have a look here: http://thesciencenetwork.org/programs/waking-up-to-sleep Some of the talks can be of interest to the general reader. The Science Network is a very good source of good-quality easy to access scientific material.