Yes, I call it the "Morning after" musical syndrome (lol) because it usually happens the night before. IE: You make something the night before that sounds totally awesome. You go to sleep. Come back next morning, and its a total piece of crap.
It happens to everyone. I reccomend that you not produce when overtired, and that you try to use a similar pair of monitoring speakers/headphones while producing, so you get an accurate picture of the sound, at least in your mind.
However, its not always a bad thing. Sometimes, I come back and say "this part is awesome, but this part stinks" and then I fix it, and get a coherent whole. Plus, some of my more interesting pieces stemmed from when I just sat down at 2:30 AM and made some chords.
In other words, its a weird event, it happens to everyone, and experiment with it, for you might get something cool.