I discuss melatonin's effects on sleep & its safety; I segue into the general benefits of sleep and the severely disrupted sleep of the modern Western world, the cost of melatonin use and the benefit (eg. enforcing regular bedtimes), followed by a basic cost-benefit analysis of melatonin concluding that the net profit is large enough to be worth giving it a try barring unusual conditions or very pessimistic safety estimates.
Full essay: http://www.gwern.net/Melatonin
Melatonin trip report:
I've used melatonin for two weeks now. Taking 1.5mg consistently puts me to sleep within an hour. Also gives me vivid dreams. Makes it easier to go to sleep at the same time every night. Does not make it easier or harder to get up in the morning.
Verdict: melatonin is worth it.