So you have an exam tomorrow, and it's the final. You haven't studied very well for it, but if you continue to study you are going end up with less than 5 hours of sleep. Would you rather sleep or continue studying? I'd rather sleep. IDK how the H*ll my friends do all nighters.
Depends on the situation:
1) I know absolutely NOTHING. I would pull an all nighter. It's better to be tired as hell and know SOMETHING than to feel good and know NOTHING. Contrary to what people believe, those 5-6 hours WILL make a difference. Even without cramming, I put about 5-6 hours into a typical class per quarter anyways LOL.
2) I know SOMETHING about the material. Sleep. I like to feel good about life and I can think better when I'm well rested.
With that said, I've never pulled an all nighter in my life.