If you wait until last minute to do a project or finish up some work, you know what they say... It only takes a minute. So if you don't have that much time to do awesome things like watch tv or play video games, just make sure you save at least a minute to do whatever it is you have to do. That's why they call it "waiting until last minute".
If you procrastinate, then you're more likely to just not do whatever it is you should be doing. If you don't procrastinate, then you'll have everything done that you need to have done, and when you're doing other things you'll have a peace of mind knowing that there's nothing important that needs to be done.