As I've gotten older, I've come to realize that the opportunity to stay up late is one those "adult" things that quickly loses its luster. In fact, I typically go to bed pretty early, between 10 and 11—a 6 a.m. alarm can be brutal (at least to me) if you go to bed much past 11.
I do, however, reserve the right to stay up way later (earlier?) than normal if a particularly exciting movie is opening. I love attending midnight premieres. Do they make me a bit hungover the morning following? Sure. But it's nothing that a strong coffee won't fix. (At least until around 3 p.m.)
I attended a few midnight premieres in college, but since moving to Austin (and shacking up with The Mister), we go quite frequently, particularly during the summer blockbuster months.
Last night we attended the midnight for The Amazing Spider-Man (more on that tomorrow). In May, we went to the premiere of The Avengers, and in March, The Hunger Games. In previous years, we've seen Captain America, The Dark Knight, Green Lantern, numerous Harry Potters, Star Trek, Thor, Watchmen, X-Men: First Class ... I've also been to all Twilight movie midnights. (No shame.)
I think you probably noticed a bit of a theme there. But I think attending midnights of movies that have a built-in fan base adds to the atmosphere. There's just something about seeing a movie when it's totally fresh, with a group of like-minded individuals, that makes the experience all that much more fun—even if the movie is occasionally a dud.