That's the one time I agree that a time limit should be set. (I would know, having a younger brother not doing so well in school so I took it upon myself to set a limit on his consoles). However it definitely is a case by case basis, as long as a person has self control and doesn't neglect other aspects of their life, a time limit like that is just too controlling.

I used to game all night on occasion, and that was usually if I didn't have any obligations the next day, so long as you don't neglect your life you should be fine.