I can't tell you how many parents I know that complain (sometimes bitterly) about how early their kids wake them up, and I find out they put the kid in bed at 7pm. Or 6pm, even.
My wife works best in the morning (and I work just fine whenever), so we play with our almost-2-year-old in the evenings and she generally goes to sleep at 11pm or sometimes later, then wakes up normally about 10am. She's never had a bedtime earlier than 10pm.
I don't know about every other parent (and how this would fit in with life) but this works great for us. We can go out to dinner and/or see friends in the evening when we want to (we take her along), we get lots done in the morning, and she gets her sleep.
Is there some other factor I'm missing? Why, when a child wakes up at 5:30am, is it not automatic for the parents to think "we're putting her to bed 2 hours too early"?
A possible enabler, now that I think about it -- we have great shutters on our windows, so it's dark until we open them.
I do know of another couple who have a similar system to you though; Dad works all day so they keep their boy up later and let him sleep in to get more family time.
Only exhausting your brain without exhausting your body will just make you weary without making you feel sleepy. Your mind needs rest but your body is restless because it wants action :)
I remember when I had to do a mandatory 6-month army service period after college and during that time it took me about 2 minutes after lights-out to fall asleep. Actually, I was sooo sleepy all of the time that I learned how to take short naps whenever and whenever I could (especially after lunch).
The experience made me realize that, for most of the people who have it, insomnia was not a health problem that should be treated with drugs but just an imbalance between body and spirit, if I may say so :)
I myself have found myself to be more productive at night as well. For some reason I am just able to get more work done, faster, and more efficiently and best of all with less distractions from "the real world".
Two staph infections this past year that have prohibited me from running, my preferred exercise, causing me to be completely unable to sleep without drugs. Fortunately, a symptom of a staph infection is a prescription for hydrocodone.
As Richard Branson declared, the secret weapon to productivity is exercise.