Not much has changed, and I have no idea what could be done about this problem. With a few exceptions, everyone who does this could be working much more effectively if they managed their time better and got enough sleep, but there's resistance to doing that because it's considered "normal" to be in the computer lab until 2 AM. And if you leave a 9 it's because everyone else is more dedicated than you are.
It's almost like a more freeform version of a 9-5 workday with people judging you based on how much time you put in, except there aren't any limitations on how long you can spend. And it's friends and peers you're trying to impress instead of your boss. That obsession with trying to impress friends by working all night seems tightly tied to the rise of social networking sites.
http://37signals.com/svn/posts/1006-sleep-deprivation-is-not...