In short, you can use crunch time strategically to meet deadlines but you always need a recovery period afterwards. If you work 60 hour weeks, in about 4 weeks your productivity will drop lower than it was when you were working 40 hour weeks - despite putting in 50% more hours. Also many people in this burnout zone will self report that their productivity is higher than it was (and they're wrong). If you've been crunching for a month straight, you're working ineffectively and you're too tired to tell.
Here's a presentation on the topic from Dan Cook, with links to papers: http://lostgarden.com/Rules%20of%20Productivity.pdf
And here's a fantastic write-up of a recent quantitative study in the games industry. They looked at how the success of video games correlates with crunch time and overwork. I suspect that these results would also hold true amongst startups: http://www.gamasutra.com/blogs/PaulTozour/20150120/234443/Th...
Crunch time in business is a symptom of poor time management by management.
True, the author does not provide empirical data, but anyone who has worked through a few projects culminating in a rush is familiar with the effects on person and quality.