This past Wednesday, I did a 15 hour overnight, smoking 4 PBs for a feast at work on Thursday. I had about a Weber chimney full of used charcoal that I added fresh on top for a full Minion cook. I encountered a signifcant temperature drop after about 12 hours once the used charcoal started to burn. I had to add about 30 Kinsford brickets to get the temperatures back up. I haven't had that problem before when I used 100% new charcoal. When doing an overnight cook, I will not reuse charcoal again, it's not worth the hassel. The WSM performs so consistently on overnight cooks, that reusing $2.00 worth of charcoal just doesn't pay off.
However, I would reuse on short smokes like chicken, etc.