There are probably consequences to staying awake (though when the body snatchers come it may be your only hope).

As an aside, there are some seriously fucked up grad students out there:

Strand a rat in a tub of water. In the center of this tiny sea, allot the creature its own little desert island in the form of an inverted flowerpot. The rat can swim around as much as it pleases, but come nightfall, if it wants any sleep, it has to clamber up and stretch itself across the flowerpot, its belly sagging over the drainage hole.

In this uncomfortable position, the rat is able to rest and eventually fall asleep. But as soon as the animal hits REM sleep, the muscular paralysis that accompanies this stage of vivid dreaming causes its body to slacken. The rat slips through the hole and gets dunked in the water. The surprised rat is then free to crawl back onto the pot, lick the drops off its paws, and go back to sleep—but it won't get any REM sleep.

square wrote:

In this uncomfortable position, the rat is able to rest and eventually fall asleep. But as soon as the animal hits REM sleep, the muscular paralysis that accompanies this stage of vivid dreaming causes its body to slacken. The rat slips through the hole and gets dunked in the water. The surprised rat is then free to crawl back onto the pot, lick the drops off its paws, and go back to sleep—but it won't get any REM sleep.

And inside a week, the rat will die. I watched a sleep researcher perform the same test on cats... more than 30 years ago.