I used to do them all the time, I still do them the night before pretty much every test. I find I do better when I'm tired. Everything is pretty fresh in my head... I guess essay tests maybe not as well, but anything else...
in the last 4 days, i haven't gotten more than 5 hours of sleep in a night, and i have a test tommorrow... if i get enough studying done, i may sleep since the test isn't till 2pm tommorrow, but still, i might stay up all. most of my all night "study" sessions end up with very little studying, a movie or two watched, some guitar played, and some web surfed.
i've also done the "2 nighters" a decent amount. i can usually go 50-60 hours without sleep rather well. just need caffiene and stuff to do. that's when i get most of my cleaning done.
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