I work for Intel, and just a couple weeks ago switched to a 32-hour-a-week schedule. I had to get approval from my boss, and presumably my boss had to get approval from his boss, but it was a pretty easy switch. So far, it's been great. Benefits are the same, salary amortized at 80%, and stock grants are reduced a bit more than that.
I think most people would rather have the extra money, for various reasons. If I owed a couple hundred grand on a mortgage or was saving to send my kids to college, I might think the same but as it is I have no house and no kids and relatively low living expenses, so I can afford to be a little bit self-indulgent and take a 3-day weekend every week.
I still get full benefits even though I'm only working 4/5ths the hours, so it makes sense they'd take that out somewhere else. I don't get a lot of stock, so I think it works out numerically that the stock I don't get is probably about equal to a fifth of the cost of my health insurance. I think that's fair.
I think most people would rather have the extra money, for various reasons. If I owed a couple hundred grand on a mortgage or was saving to send my kids to college, I might think the same but as it is I have no house and no kids and relatively low living expenses, so I can afford to be a little bit self-indulgent and take a 3-day weekend every week.