Wow there's lots of speculation here! I used to study at a university that had a sleep research centre, so we got some lectures on it and helped in some research studies. This is what I can remember from my lectures...melatonin is produced as you sleep and is involved in regulating the circadian rhythm. My understanding is that taking melatonin won't actually directly make you tired, but it might help get your rhythm back to normal, i.e. falling alseep earlier and waking up earlier. But it won't actually get you to sleep (though there's always the placebo effect!). Melatonin usually peaks a little while after you fall asleep and falls towards morning and should be at a trough level shortly after you wake up. However, quite a few hormones have strong circadian rhythms (cortisol, testosterone...), so just because a hormone fluctuates over the day doesn't mean it will directly make you tired or alert.
Sunlight has a massive effect on circadian rhythm - blind people have problems with sleeping and people who work in the arctic/antarctic circle in the dark winter have odd sleep/wake cycles. Basically, seeing some bright sunlight soon after you wake up 'resets' your body clock. If you don't get sunlight after you wake up, your daily cycle will lengthen and you will fall asleep later and later. I seem to remember that some researchers in London found a new photoreceptor in the eye that detects a particular wavelength of light, and this is the key regulating factor. There is also a 'clock' gene, and a polymorphism in this predisposes you to be a night owl or a morning person.
Some people have a genetic mutation which means they have major problems to the point where they can't hold down a job. They generally don't get treated with melatonin, they get told to sit in front of a daylight lamp for around 20 minutes first thing in the morning and that helps to reset the rhythm each day. I have trouble sleeping in the middle of summer (bright evenings) and the middle of winter (dark mornings), so I have a daylight lamp and that works fantastically. It needs to emit 10,000 lux of light.