The effects of society being able to turn off sleep are obvious...

• Power requirements would increase
• The power of the word "overtime" might reduce, but the concept of "free time" may gain power.
• Holding onto the 40 hour week would become very difficult
• Employment in the white-colar sector may go down as less people could do less.
• Employment in the hospitality and retail sector would go up as more people have more free time.
• We'd all eat more

We all know drugs to take away sleep would be used for two reasons: finishing work on time and having more time to party.

As much as I'd love to be able to come home from work, have dinner, then go out to a movie, come home and work on some music, have a couple of hours of sleep, then go to work, I'm not sure it would be the best thing for society.