I find that after the initial black out, alcohol gives me a very poor sleep. So I'll black out for 4 hours, wake up, and have a hard time getting back to sleep again.

I believe lighter sleep = more dreams remembered, as your conscious mind is continually being activated every time you wake up, creating a bridge between sleep and consciousness. Same principal as WBTB really.

So when I drink I get more dreams, and more lucid dreams, simply because my sleep is not as deep.