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
BTW, I did wind up measuring sleep over 6 months of on/off melatonin, so I now have more than intuition for the 1-hour claim (which turns out to be more like 50 minutes): http://www.gwern.net/Zeo#melatonin-analysis
Very impressive followup. I've skimmed that.
My less meticulous conclusion is that melatonin makes me wake earlier and easier with light (maybe in general, but I don't wake by alarm). I haven't bothered to check whether that means I actually slept better (in terms of improving my performance/mood going forward), but I consider it a good sign.