I don't think he does sleep!
I sleep. And I drink.
EEPROM is organized into pages of 4 bytes. So you will wear out 4 bytes at a time.
You might want to have a look at this experiment: http://blog.blinkenlight.net/experiments/counting-resets/wear-leveling/.
Program code (outside of the bootloader partition) can't save to PROGMEM.
And it makes sense since PROGMEM is only updated when uploading the sketch. Or is it also updated at reset/power-up time?