i think the underlying concept behind what i'd like to accomplish is the aspect of freedom associated with it. doing a constant cycle of hard work and then vacation doesn't quite have as much of that freedom to it.
beyond that, working a few hours a day and/or being able to work when i'd prefer to do it would probably leave me more satisfied and productive with the work i'm doing than if i were chained to a desk slaving away to ensure a few extra weeks vacation.