"Why Do I Have To Start Now?"
Yitz commenting on Nittel:
Smashed Hat wrote: The Chasam Sofer takes a more rationalist position, explaining that going to the Beis Medrash and even staying up and learning at home by candle-light was to take one's life in one's hands, and that's how the minhag got started. One might be discovered as not following the "god of love," and therefore suffer dire consequences!
This is the reason for my comment above. The rational reason for this minhag is not very applicable in our times, except perhaps in parts of Russia, and maybe somewhere else. As to the mystical, I'm with ASJ - if I don't have this b'mesora, why do I have to start now? So far, no one here has convinced ASJ or myself to keep this custom. That said, I am not telling others to "throw it away" either.
UPDATE: Be sure to read Chabakuk Elisha's comment here.
Rabbi Lazer Brody's view can be seen here.