Labman, you have to understand that the vast majority of tornado warnings are issued as a result of rotation visible on Doppler radar, and not an actual sighted tornado.
In reality, the science behind tornado genesis is still very vague.
What is it, something like 20% of supercell thunderstorms (a storm with a persistently rotating updraft) go on to produce a tornado.
Doppler radar technology has come a long way - we can see the broad rotation within a thunderstorm - whether it actually goes on to produce a tornado is still largely a mystery.
Now, a supercell storm that's producing a large violent tornado that truly is capable of leveling structures and killing people will show very strong rotation at the lowest levels of the atmosphere and a tornado warning is warranted (and that on average is a rare occurrence). However, weaker radar signatures have been consistent with fairly strong tornadoes, and as such, NWS meteorologists are doing their job by issuing warnings when any kind of broad based rotation, and other radar signatures, are present.
It may be a nuisance when a warning is issued during the night, but it might also save your life.
Best thing to do, especially if you're "tolerant" of warnings, is to have a very quick plan of action if a tornado actually hits. Lowest level of the structure you're in, and pack the outside of your body with sheets, blankets etc.