A new alternative (registration required) to sleep is a small white pill called modafinil (Provigil):

Since 1998, modafinil, made by Cephalon and sold under the brand name Provigil, has quietly altered the lives of millions of people. No one knows exactly how it works, but sales of the drug are skyrocketing.

People who take it say it keeps them awake for hours or even days. It has been described as a nap in the form of a pill, making most users feel refreshed and alert but still able to go to bed when they are ready. And because its side effects are rarely worse than a mild headache or slight nausea, experts fear that it has rapidly become a tempting pick-me-up to a nation that battles sleep with more than 100 million cups of coffee a day.

This is a very interesting article about an intriguing interesting drug, although I think if we eliminate sleep then we are missing out on the vital regeneration our body performs while we sleep. Right now the drug is only approved for treatment of narcolepsy, obstructive sleep apnea and sleeping problems caused by shift work. The maker did attempt to have the drug approved for "excessive sleepiness from any cause" but was rejected by the FDA.

Has anyone has any experience with Provigil?