Really depends on which language you program in. I did alot of c/c++ before, not much admin there.
But for web, it feels like half my work is to learn how to be a sysadmin. So much optimizations can be done here with a little knowledge about system configs, server backups and cronjobs.
The setup of our server yielded more performance gain then I ever could optimize in code. Spend a day as a sysadmin for 100% performance gain all over the site or a day as a programmer for 100% gain in a single component? any programmer would choose to be a sysadmin for that day.
And the there is automatic of deployment of our site, database setup/migration. This might be this way because we don't have a "real sysadmin"(startups - choose your own title!), but I can't see how I can program good/fast/reliable web applications without the of knowledge about the system behind it.
And must say, with all the sysadmin knowledge I gained recently, I'm starting to see new possibilities and solutions as a programmer. So my tip is, learn as much as you can about the system behind it, it will pay of.