I've always said that I would much rather work a 4 hour week, 10 hours a day, than the regular 5 day/8hour week. Even if it was every other week I feel like I'd be much more motivated to actually get stuff taken care of rather than letting it sit.
Plus, there is something to be said about rewarding employees with time off. Look at the French, they have tons of time off and from everything I've heard are highly productive when on the job.
I'm ok with overtime, but not when it's expected on a daily basis as someone mentioned above. I think that employees need time off in order to regroup and have some time with themselves or their families. I would never, ever work for a company that expected the employees to work 12 hour day and weekends. Unless I'm getting paid like $200k it's not worth it to me.
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