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Working only 33 hours a week would surely mean a cut in salary. I wonder how many would be willing to do it once they find out what the cut would be.
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I work 12 hour days, 3 days a week... nice having more days off than working. Some people dont like the 12s, and a happy medium are 10 hour days/4 day weeks.
I didn't mind not getting 36/hours instead of 40... I had 2 extra days for another job if I wanted and still having a 2 day weekend. The few hours you lose, you gain a full day to work/relax so it isn't a bad trade.