The vlog brothers did a video on this. It's considered a disorder when it interferes with life, so if you have a job in the morning. But it is no long a disorder when you set your working hours.
But yeah, generally society demands you awake in the morning.

Progression is all adding variety to your play style. Weapons don't often become obsolete, although you may favor play styles that favor certain weapons.
This is a game that'll be great fun and a unique experience for a few weeks. Then you'll be satisfied and done playing. The devs will be releasing updates while you play other games and when you come back, there'll be more content to explore. It is not something you will be grinding for 6+ months, but it offers a unique co-op experience that is refreshingly different from other shooters.