I took a whole class on Sleep this past semester. Truthfully, I think this is a very bright region for the future.
First, we are understanding and treating sleep apnea, which happens to affect a very large population, even though most remain diagnosed. Second, sleep medicine is now increasingly being linked with daytime disorders- specially, psychiatric disorders. For example, poor sleep can be a factor in ADHD in children.
Third, we are better understanding the molecular mechanisms behind sleep- likewise, we can approach this by studying anesthesia. And most of all, the scientific community, as well as members of the general population are beginning to really realize the importance of sleep- it impacts our lives in ways we'd never expect.
To me, the big down side right now is expense. A night's stay at a sleep clinic, to have a sleep study, is about $2000. Eek. Insurance pays for it, but that is very expensive. Overall though, research in sleep is booming and thus will follow more clinically related care.