I actually really enjoy sleeping when, you know, I can. It's relaxing and there's nothing quite like waking up from a full night's sleep feeling all refreshed. But if I had to choose between having to deal with sleep every night and being able to bypass it, I'd probably go with the latter if only because I've had insomnia for the last few years and it's horrible.
But I probably wouldn't be happy about having to use it. Yes, it sounds really nice to have all those extra hours to do what you want, but if this sort of thing became widespread, everyone would have those hours too. It would become the norm for people to spend more time at work--because everyone can--and you'd start losing out on those extra hours pretty quickly. Also, anyone who's had insomnia or pulled pointless all nighters before will probably realize that when you have all that extra free time, there's just too much of it. :( When you get everything done and still have hours left to do nothing, it starts to get to you pretty quickly. I think it would drive a lot of people nuts. Sleep is also nice because it breaks up your wakeful hours and gives your mind a chance to rest, not just your body.