If that's true, you need better planning. Again anyone who's been through crunch time will attest to this: While you do work for longer periods of time than on a normal schedule, the actual amount of elegant, usable and maintainable code, is dramatically reduced, because as you start getting tired you start making more and more stupid mistakes, and the worst part is they may not get caught in time.
Yup. Sadly the programmers don't get to program the all-important development schedule though! In my, admittedly fairly limited commercial experience as a programmer, i've found that crunch time is determined arbitarily by a deadline plucked from the air by commercial needs irrespective of how much work needs to be done by somebody who designs web pages in MS Word.
I don't mind though, I love it :).