It seems like you're really asking two different questions here.

On the one hand there's the issue of too much time, not enough work. You end up wasting hours at work, sitting by the phone, staring at the monitor, pretending to be productive when really, there's nothing to do. But you're still getting paid for it. The other hand would have you doing actual work 40 some hours a week but you get to choose which hours those are.

With that scenario and given my choice of careers, I'd choose "9-5". I make a lot more money that way.