Well this is an interesting comment; it's a waste of time... but you love it. But I do see your point--on both! He should have put "Love it" as a poll option! It does seem like a waste of time, but isn't that like saying doing maintenance is a waste of time? I've pondered the universal necessity of sleep, actually; from a survival point of view it puts the organism in a state of complete vulnerability, (excepting those cetaceans able to sleep half the brain at a time... don't you wish! I mean really, that's still more brain power available than most of us actually use most of the time, right?) so the very fact that it is so universal would suggest that it is a pretty vital function. The importance of REM sleep in learning has been pretty well demonstrated in studies, so those epic dreams? Actually pretty important to your ability to learn and remember stuff. Good thing it's more interesting in dream form!
I don't believe it "wastes" time. I think not sleeping is what might actually make you waste time, as you won't be nearly as active/productive as when you get a good night sleep.
And let's be honest, one of the best feelings in life, is when you need to get up early the next day...and then you wake in the middle of the night thinking that it's morning already, but when you look to your clock you see that it's just 2:30 AM, and that you still have a good amount of sleeping hours ahead of you before going to work/whatever. aaahhh... so so awesome.