Am now finishing a book called The Chemistry of Conscious States by Allan Hobson, a neurologist/sleep researcher. He says that the time needed varies per person. Some only need 3-4 hours a night, and some people actually need 9-11 hours a night. It has nothing to do with laziness, as our society tends to laud those who need little and scoff at those who need more as "lazy." So the answer is most likely "genetic."
Some high schools are starting to set their hours back to start later on in the morning because researchers have shown that teenagers require a lot of sleep and their natural circadian rhythm tends toward a later bedtime. Students in the early classes didn't perform as well academically, I guess.
kmguru brought up an interesting point about the flu and sleep, which Hobson talks about as well, his point being that sleep is one of the most effective healing agents and that it is crucial for mental and physical health, for learning and optimum performance during the day.
"Too much sleep" usually happens with depressed people (like when I get laid off - you all know what I'm talking about, right?), and this has more to do with the quality of REM sleep. The chemistry gets unbalanced, and too much REM sleep can actually be bad. The healing process cannot work right until this balance is corrected.
There was a research done on sleep deprivation with rats; they died with 4 weeks of no sleep. They died in six weeks with only their REM sleep interrupted.
On par with diet, sleep is one of the most important conscious activities that one can do to be responsible for their health.
John Le Coq