Personally, it really depends on how long term we're talking. I can easily go for a week or two with 5-6 hours of sleep per day and have no reduced "performance" during the days. A few days with less than 4 hours is usually no trouble either, but I do get.. well.. slower? I usually used to aim for 7-8 hours back when I was in school, but since I graduated last summer and it's impossible to find a job (at least where I live) I simply go to bed, and get up when I feel it's about time.