There's work. Then there's productive work. What pisses me off is having to pull an all-nighter doing ultimately meaningless work. In startups there can be a lot of meaningless work unless you have all your ducks lined up both strategically and tactically. The older I get, the more I realize that having your ducks lined up requires presence of mind, clarity, and focus, all characteristics that are fleeting when you're sleep-deprived and being powered by Red Bulls and coffee.
In startups, marathon work sessions should be kept to a minimum. They're valuable and they're a useful tool. But they come at a massive cost. The more you rely on them, the less effective they become and the harder it is for the person who participates in them to reach their original productivity without massive amounts of downtime in between sessions. If you're going to commit to some crazy over-working session, you better have a damn good reason. Most startups who push this culture don't.