I remember some friends of mine in high school did this with Halo 3, and they could barely function the next day. It's never seemed worth it to me.
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Happened to me with black ops 2. My friends called me a dick for not comming to school the next day becuase we all went to the midnight release together and since I was the "responsible one" in our group, It was my job to take our science project to school the next day. We all got a lower score than everyone else for turning it in late. Well, at least I was like mentor when it came to teaching them how to play Transit zombies. :)
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That does make you a dick. If you have responsibilities to OTHER people and you neglect those for a game, it radiates dickism.