Well, you got the jist right. Young people should NOT try this. The problem is that there is virtually no research into the long term negative effects. There have been cases of people going for a number of years like this, but they usuall do an occasional 'reboot' (a full night's sleep).

But it could stunt growth for all we know.

One the other hand, so few people manage to get this right, that it's normally not a problem
My first attempt has already failed on the beginning of the second day. I slept right through 30 minutes of a blaring alarm. That gives you an idea of how tired you get. It seems worse than simply going through the night, maybe because you're taunting your body.

My first attempt blog : http://placebo.serv.co.za/forum/viewtopic.php?t=3
My second attempt blog : http://placebo.serv.co.za/forum/viewtopic.php?p=10