I think that feeling like you've had several ounces of alcohol is not as bad as side effects from psychotic medication - sadly, I actually know so, since I have a very close family member that suffers from a mental illness.
The argument goes as follows:
- sleep deprivation --- effective
- pills --- effective, but with severe side effects
- still, pills are used more often than sleep deprivation
This means that there must be something "wrong" with sleep deprivation that outweighs the side effects of drugs. Feeling like you've had a drink is not nearly as bad as some side effects. Besides, if you sleep for just a few minutes, you're right back where you started, which makes this technique ineffective on the long run.