The only time I had that kind of crazy-ass work schedule was when I was a high school teacher (and was NOT getting paid enough to be working so much overtime, not that they called it that anyway). There was just no choice. The work had to get done, lessons planned, papers graded, committees attended. Even at my most efficient pace, I still slept 4-5 hours a night and had no social life. I did it for a couple of years and it worked because I was a single, but after that I said this was not the kind of life I wanted. Ever.
Off I went to grad school, where I have been more or less grateful for the perpetual student lifestyle for the last 4 years.
I don't make much money at all, but it pays the bills and I'm not in debt, and I have the time I want to be with my husband, and eventually, our children. And for that I'm quite happy. When I'm done, I'll look for a 40 hour a week job, less if possible, because I really do strongly dislike working (even if I enjoy the job). I find no identity in what I do to pay the bills... quite the opposite. I hope that never changes, for me.
I have to say, though, that this attitude of competing over how many hours you worked, how few vacation days you took, etc etc... seems rather American in many ways. In Europe, at least here in Iceland, the government REQUIRES 24 days minimum vacation (24!!), and after some years, many people get up to 7 weeks vacation a year. All paid. Not to mention the 9 months' shared parental leave after a child is born. Quality of life is different here... people like their work, but they're not living to work. They live for those 7 weeks off each year they get to vacation, relax, and shut off the phone and e-mail. So that's one bene to living in this place. Too bad America can't see things the same way...