Now you have a dichotomy on your hands: energy vs. comfort. Setting your t-stat back will save BTU's, but at the expense of comfort, particularly when it's bitterly cold outside. The basic heat-loss equation is:
BTU = U x A x deltaT
BTU/h = energy (the less used is better)
U = the thermal resistance / area (that one divided by R, like R-19 insulation; a constant unless someone steals your insulation in the middle of the night)
A = the area of your walls & roof, etc.
Delta T = indoor temp minus outdoor temp
Keep in mind that you set your thermostat back 10 degrees just about the same time Mother Nature sets her thermostat back too. So while the delta-T may not change much or even increase, it’s still 10 degrees less than it would have been (say 68 indoor – 15 outdoor = 53 DT daytime & 58 indoor – 0 outdoor = 58 DT nighttime which is still better than a 68 DT). You save energy, period. That’s the energy half.
Now the comfort half: Forced-air furnaces heat the air, not the stuff in your house. Radiant heat (fin-tube or radiant piping) heats your stuff and not so much the air. So us folks with the furnaces have to suffer through with cold stuff until it slowly heats back up. When it’s bitterly cold outside, your walls cool off significantly, becoming cold-bodies, and suck the heat out of anything that comes close (I-squared R…), exasperating the situation. And while it’s taking its sweet time to heat back up, we have a major cold-body radiant cooling thing going on (the comfort part).
Being from Michigan, you've HAD to have gone to a hockey game or two. The air temperature is pretty consistent down around the ice, but you ever notice it’s a lot colder right next to the boards than it is across the walkway? That’s radiant cooling at its best. Ok, so officially there is no such thing as cold, just a major-league lack of heat but we won’t go there. The radiant cooling makes you ‘feel’ a lot colder because the cold stuff, notably your walls, are sucking the heat out of you.
As for the excessive run-time, your furnace is sized to meet the worst-case heat loss expected to occur in your house. That’s typically the ASHRAE 2-1/2 percentile, I’m guessing probably somewhere around -5 or -10 for Ann Arbor (its +2 degrees for Buffalo). When the temperature is down in that neck of the woods, your furnace is near capacity, or just meets the heat loss of your house (hopefully). It takes a long run-time to pull the temperature back up because there’s not a lot of excess capacity. Efficiency-wise that’s a good thing because short-cycling your furnace (the typically wildly oversized unit) wastes energy. But you still saved the energy throughout the night. Personally, when it’s really, really cold out, like the last night or two, I’ll hold the temperature up for comfort reasons, knowing that I’ll be paying for it when the gas bill arrives. Peace in the family is well worth it.