Update

I have been attempting to follow a polyphasic sleep schedule for about two weeks now, though it feels like much longer. This makes sense, since I am awake for almost 1/3 of the day longer than normal on some days. I usually don't feel groggy when awakening from naps. On the contrary, I wake up energized. Occasionally I feel tired, in which case I try to fit an extra nap into the day. My sense of time is greatly distorted. It can be difficult for me to recall on which day an event happened, which I solve by relating events to other events of the day. I keep habits like brushing teeth and showering by doing them at a certain time, rather than after I awaken or before I go to bed.

As I adjust both physically and psychologically, I am having fewer and shorter accidental oversleeps. I am now feeling almost 100% physically and about 90% mentally around the clock, unless I'm forced to skip a nap. When this happens, it throws my body and mind off a bit, and I am more likely to oversleep later by turning off an alarm clock in half-sleep. I am hoping that, as I continue to adjust to the schedule, I will be able to delay an occasional nap without risking oversleep.

Besides the time gained by only sleeping two hours a night, there are other advantages to this way of sleeping. For one, I am awake virtually around the clock. Instead of dragging myself out of bed early in the morning (or not doing so) to complete a task, I can simply go do it.
I always wake up feeling rested, and I am beginning to have lucid dreams. Recently, I had a dream that I was in a spaceship. I was able to control the motion of my spacecraft and shoot at other ships. Pretty fun, and I woke up from this dream feeling absolutely euphoric.

Of course, there are disadvantages. The rest of the world sleeps monophasically, which means I have to nudge my nap times slightly and perhaps leave early if I attend a social event. Also, alcohol and drug use is out of the question, at least for someone at my stage of adjustment. There is no way to "sleep off" being drunk with a 30 minute nap. Overindulgence leads to oversleeping.

I am going to continue being polyphasic for now, and will update whenever I feel I have gained significant insight. I begin a 5 credit hour summer class on Friday, and I am going to support myself by doing local yard work for the rest of the summer, which will be physically taxing. I will be able to take breaks throughout the day, though naptimes will be somewhat unpredictable. This will be a great test to see if someone with a very busy schedule can manage polyphasic sleep.