1) Good for you. Just keep reminding yourself when you're exhausted in the wee hours.
2) It's anecdotal, but I know too many people that have done CIO and while their kids sleep, they don't sleep well. Using the tv until they pass out at 10pm, waking at 530am, etc well into grade school. And it shows in their daytime life.
3) I'm on another baby site often and it saddens me how many post "I'm ready to CIO now" b/c they've "had it" or "at their wit's end." Meanwhile, they're CIO on 3 and 4 month olds who don't even have a sleep routine or who have gone to bed with mom and dad from day one. How is this effective when the child doesn't know how to sleep in the first place? And while I have the time to commit to this, it didn't take any longer than CIO to make the changes. You don't sleep well when they cry anyway.