It might be placebo, but I've noticed a pretty dramatic drowsiness set in immediately following the f.lux "sunset." A lot of the time I will turn it off so I can stay up and get things done. If that's what one experiences at 5pm, I'd call that unusable.
Not dramatic - having your screen turn orange at 6pm is unusable. I'm going to work until 11 or 12pm. Let met set it so I start winding down an hour or two before I go to sleep. It does decrease the contrast of text, making it harder to read.
No, you just don't work until 11pm on them. You go to bed earlier, wake earlier, work on them at a different time, and have a more natural (i.e. solar-based) sleep cycle.
Having side projects and staying up too late do not need to be synonymous.