I've been tempted to attempt some form of polyphasic sleep. Currently it seems I'm practicing sort of free-running sleep... going to bed between 4am and 8am, waking up between 11am and 2pm...
Polyphasic sleep seems well suited for people in early stages of a startup, with very little external commitments... though that may change if it gets to the point of hiring additional employees, seeking funding, etc.
Pure polyphasic sleeping seems a little extreme to me since the days would end up blending together I think I might go crazy. But the everyman schedule is appealing because you still get a few solid hours of sleep to clearly delineate days.