Crunch time is a symptom, not the disease. The problems start when management make promises they can not deliver in attempt to get investors hooked. Crunch time is what happens when investors hold management to their promises.
Crunch time, in turn, results in bad work, cut corners, and a general lack of polish.
I've been through this a couple of times myself, and while hanging out with your game dev colleagues 24/7, sleeping under your desk, and consuming copious amounts of sugary drinks and pizza can be fun for a while, it's exhausting in the long run.
I can only hope the team comes back well rested from the holidays, fix their damn bugs and deliver what was promised, that the investors don't immediately pull the plug, forcing them to downsize the team and fire yet another broadside at the employee morale. I pre-ordered the game on PC and have yet to try it out. If you want me to do your QA work, you better pay me well.