From The New York Times:
Scientists have been trying to determine why people need sleep for more than 100 years. They have not learned much more than what every new parent quickly finds out: sleep loss makes you more reckless, more emotionally fragile, less able to concentrate and almost certainly more vulnerable to infection. They know, too, that some people get by on as few as three hours a night, even less, and that there are hearty souls who have stayed up for more than week without significant health problems.
Now, a small group of neuroscientists is arguing that at least one vital function of sleep is bound up with learning and memory. A cascade of new findings, in animals and humans, suggest that sleep plays a critical role in flagging and storing important memories, both intellectual and physical, and perhaps in seeing subtle connections that were invisible during waking — a new way to solve a math or Easter egg problem, even an unseen pattern causing stress in a marriage.
More here.