I've always had it, still have it, surely always will have it. It certainly has forced me into my share of all-nighters and near-all-nighters, but i've survived; didn't keep me from getting my bachelor's.
Its not about anxiety; its about there just being more enjoyable things to do with your time than study for some mundane crap or write out some uninteresting research paper. The object we are procrastinating is clearly not fun (or at least, there are more enjoyable alternatives available in the meantime), so it takes an immense amount of pressure before a person will finally crack down and apply themselves to the work in question.
I had one class ever that was so hard and demanding (and important to me) that I couldn't just W or F out of it, and the normal 3-4 hours of cramming didn't work; id still bomb the test. After getting 50's on the first two out of 4 total tests in the class (with the tests being our only source of a grade), I was so psychologically pressured to excel in the last two that I actually spent the entire day before studying. I managed to eke out a C final grade.
