Polyphasic sleep is not a new concept. Coined by psychologist J.S. Szymanski in the early 20th century, and evidenced to exist centuries before that, it is a method of maximizing REM sleep and waking life via several short naps throughout the day, as opposed to monophasic sleep, the standard cycle of 8-hour blocks each night, and biphasic sleep, a cycle of a long nap at nighttime and a "siesta" during the afternoon. By forcing the body to adapt to shorter rest periods, the brain is conditioned to more quickly enter REM sleep, the deepest, most restful state of sleep. This is done until one enters the REM state within minutes of unconsciousness, as opposed to hours for monophasic sleep. Specifically, the Uberman sleep cycle refers to a schedule of six twenty to thirty minute naps every four hours.
The pros of polyphasic sleep are many. After the initial 3-5 day shock period where the body and mind adjust, the benefits are said to roll in in droves; increased alertness and cognitive function, vivid dreams and increased occurrences of lucid dreams, a virtual cure-all for night terrors, nightmares, sleepwalking, etc., and of course, more free time.
It sounds too good to be true, but the jury is still out. There hasn't been a whole lot of research done on polyphasic sleep. Virtually the only tests out there have been done by amateurs submitting themselves as their own guinea pigs, and college students looking for more time to cram for finals. Even the committed feel the restraints of living a normal life - most workplaces don't sit well with napping employees. Buckminster Fuller, a proponent of polyphasic sleep, eventually had to quit the lifestyle due to business associates insistence on "sleeping like normal men."
Lifelong systematic napping is certainly unfamiliar territory, but the optimist might see it as an undiscovered psychological frontier. Who knows if polyphasic sleep is the answer to missing out on 1/3 of our lives, but if you're adventurous it may be worth a shot.
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