As far as the sleep aid goes, it helps people who have difficulty falling asleep.A sleep aid with only 1-2 hours of effect seems like a really crappy sleep aid.
Doesn't sound like a very good anti-anxiety drug either -- or does that effect last longer?
For the anti anxiety, it definitely has the immediate effect (although with some strains it can actually CAUSE anxiety) once it wears off people generally still feel more mellow/relaxed, but that might be because their short term anxiety had been relieved long enough to get to a comfortable spot. I am not sure, I wish we had more formal research to draw upon for this.
Its an amazing plant though bro! fog it up!