I just loved this extract from recent bombcast. They were taking a question from Lucas Blane: "Would you be willing to give up half of what you now own for a pill that would permanently change you so that one hour of sleep each day would fully refresh you?"
I think the "Fully Refreshed" part is the most important factor. There are days where I sleep for a disgusting 10 hours and still don't feel fully refreshed, so I'd take the pill for that aspect alone. All of that extra spare time is just an added bonus.
There's no way that I wouldn't take that pill. I'd trade everything that I didn't absolutely need (and my PC HDD) for that pill.
On the subject of not being able to sleep when you want to, like on a 14 hour plane ride or something, fine. I'll have some noise-cancelling headphones, loud music, and several games to play through on the way. Even if I don't have those things at all, the excruciating 14 hours of boredom would more than be made up for by the amount of life that frees up for me to do whatever.
And whatever would I do? Everything! I pulled an all nighter last week to finish a book and an essay and the extra time I got from that actually felt pretty good despite being very tired all day. Get that extra time every night, with no repercussions and the time to myself? Sure! How could you not want that?
I'm tired all the time and fucking hate it. So yes, I would give up a lot to feel fully refreshed ever. Extra free time would probably suck more than it would help at the moment, but when I start working properly again it could be a dreampill.
I'm really attached to most of my stuff though, so that's gonna suck a lot. :(