Personally, I dislike the need for sleep. I put it off for as long as I can manage, and try to get as little of it as I can get away with. For me, I have a hard time functioning well with less than 4 hours a night, but anything more then 5.5 hours and I feel like I've thrown the day away. The idea of voluntarily checking out from the world isn't as relaxing to me as picking up a book to read, or learning something new, or doing something productive that isn't work/startup-related.
Either way, I assume that nobody would force you to take a drug that you didn't want to take.
Suddenly, you can take a drug that decreases your need for sleep by 50%. People only need 4h of sleep per night now, for a full nights' sleep - 3h, if you're willing to skimp a little, 2h isn't unheard of (in the way that only getting 4h of sleep a night, now, isn't unheard of either).
Suddenly, there's a significant advantage in the hands of everyone willing to take this drug. Students are expected to study more and harder, because they don't need 8h of sleep every night. Entrance exams to schools get more difficult. Software developers are now enticed to work longer hours - longer hours than they already are. Labor / shift workers (hospitality / food industry) are expected to work longer shifts, and they have to, because businesses have to be open longer because more people are awake for more of the day.
Now, also, you have to consider: this is just sleep, in terms of brain repair. Your body has to put itself back together every night, too - repairing microscopic muscle tears, fixing bruises, etc etc etc. Your body would probably start slowly falling apart on 2-3h of sleep per night, even if your mind was fully rested.
I really, really hope this doesn't happen.
Like hell they won't. It will become a social and economic imperative before you know it.
Statistically you are unlikely to be one of those people for whom 5-6 hours sleep daily is sufficient, so all you are doing to yourself is contributing to increased aggression, dulling of empathy and reduced impulse control that comes with insufficient sleep.
I wasn't going to bed at regular hours, and I wasn't waking up to an alarm, so I guess I am in that group (also, I don't have increased aggression or impulse control, but I don't know how I'd measure empathy). That said, I did not realize that I was statistically rare, so thanks for pointing out that maybe my 5 hours a night advice isn't applicable to others. Regardless of the amount of time involved in sleeping, I still would prefer not to have to take it, if that were an option.