My bedroom is childproof. I have 3 kids, two of whom not only nightwake but keep one another up. When they're up to stay, I turn on a soft light and let them play while I doze. Not sleep, because they're climbing on me and giggling, but I'm not so resentful when I am not out of bed. Often they'll fall back to sleep after a bit. Then my husband gets home from work at 8am and comes in and says, "Wow, it's great that the kids let you sleep in today!"
My 3yo used to wake every night from 2-5am, and I worked third shift a few nights a week. I literally couldn't stay awake. You're not even supposed to cosleep when you're as tired as I was, but crib sleeping never worked for us, so I started the let baby play routine then, sans light.
I have a hard time falling asleep, but I'm gradually moving my bedtime earlier, because I know that by the time summer comes, I'm just going to have to get up with them at dawn. I can't wait til they're old enough to get up and play by themselves!
I would also add, I have in the past been known to set the tv to PBS at bedtime and put out dry cereal and sippy cups of water so that in the morning I can stumble into the living room and collapse on the couch, esp. if I'm sick and the kids are sick, teething, or otherwise up most of the night. Not the best solution, but it works for us occasionally.