I DO think it can have a big affect if you are not getting the amount that you need, I think the amount everyone needs is different and unique.
For me lack of sleep did not seem to affect my lungs much (though I would think its a contributing factor to the number of colds I have gotten though its hard to separate from being exposed to more etc). My PFT's have actually went up since having her, however I am much more compliant and a regular excerciser now so again hard to separate out if they could be higher now than they are had I been getting sleep. I would definately buy that theory.
I did want to throw out there that Lillian was a GREAT sleeper until one day around 4-5 months and she NEVER slept through again, first we blamed it on shots, then on teeth, whatever it was something changed and she went from sleeping 5-8 hours at 4 weeks old (boy we were so pround of ourselves then for having 'such' a good baby/sleeper-HA!) to waking up 3+times a night around 4-5 months. As you have read in pregnancy section I chose to co-sleep and let her listen to 'her clock' and nurse on demand but at 10 months we enforced naps with a bit of CIO for 2 days and it worked well and she napped and slept much better after it was shortly after that we transitioned her out of our bed because she became such a wiggle worm and noone was getting sleep. Well seeing how well those two things worked hubby wanted to do CIO at night, I declined. At about 12 months we agreed on a pattern where I woudl quit nursing at night as I was down to just 1 somtimes 2 times anyway and she didnt seem to 'need' them to fall back asleep so thus DH started being only one to get up and go in with her and pat her back down to sleep. Just 2 weeks ago at 14 months DH enforced sttn, he felt she was showing she coudl fall back asleep on her own as sometime she would and she didnt need to eat since I almost never went in to feed her and she fell back asleep, with CIO and it worked after first night though she has cried just a bit a few other nights. For us hubby was wore out from getting up with her and felt very strongly that we try it he is a very involved parent so when he feels strongly about something I listen and it usually works out well. Now we have been sleeping about the same 6-7 hours at night but not getting up at all, sometimes even 8 hours <img src="i/expressions/face-icon-small-happy.gif" border="0"> and even though I have had a cold that whole time I feel GREAT! I cant wait to see what its like once I ditch this cold. Again just my experience but with doing it gradually and looking at her 'cues' it seemed to work well. I am not a fan of CIO but I do think there is an age/stage at which they are able to handle it better than others and you have to balance your desires etc.
wow sorry didnt intend to write a book