I worked 4 pm - 12 am (and 5-1) for about a year... assuming I got home around 1 am (because I'd go grocery shopping after work... 12-hour grocery store, though selection was limited since the deli/fish counters were closed), I'd go to bed at 5 am and sleep till 12-1 pm. ate a light meal when I first woke up, someone on the shift would run out and get food for everyone around 7-8 pm, and I'd eat a third meal after getting home from work.
it was nice at the time because I had a roommate who worked 12 am - 8 am, so it was practically like we were each living by ourselves (except the occasional overlap when I'd wake up early to go run errands and he'd still be up or on days off). TBH, I wouldn't even mind going back to that schedule today if it was like a Sunday-Thursday thing, but when I worked it, I ended up working both Friday *and* Saturday nights. my only social life was meeting my friends for a drink after work after they'd been out together having fun and doing stuff all night. (also, working that schedule didn't allow for WoW raids

)
upsides:
sleep late every day (almost never having to worry about oversleeping)
stay up late
low pressure at work since the schedule only overlaps with the managers by 2 hours
plenty of take to TCB before work if you're willing to wake up a little early
downsides:
running errands after work isn't really a great option
sucks if you're working friday and/or saturday
limited opportunities to hang out with friends after work
pretty much requires owning a tivo if you watch any amount of prime-time TV
if you live with people who work 9-5, they may or may not appreciate you cooking, cleaning, watching tv, etc at 3 am