In my experience, the people that work the longest hours waste the most time at work. Work expands and contracts to fill time.
It's the wrong way of thinking of course, but it's rampent.
And think about it this way... if a company was full of amazingly productive people who got 40 hours worth of work done in 20 hours, do you think they'd let them leave at 20 hours into the week but still pay them for 40 hours worth of work? No, they'll just find a way to double the workload to make even more maximization of their production capability.
I remember even reading about a company that years ago cut back everyone to 30 hours per week (with 3/4 pay) due to a recession at that time. They discovered that everyone was more productive at 30 hours and happier as well. Once the recession ended and the company was on more solid ground, they went back to 40 hours. Go figure.
37 signals doesn't keep office hours and I'm sure there are others out there. Just gotta keep looking.