Hey no one is forcing me to work those hours, and I'll be damned if someone is going to stop me from working to make more money if I want to. And I might be overstating the average just a little, 80 hours is on an overloaded week like I'm having right now. Normally it's probably closer to 60. 40 hours at my day job and 20+ for my side freelancing plus my own apps. 60 hours is only 8.5 hours a day, including weekends. I've found that quite sustainable. And my clients seem to have no problem with the quality of my work, I keep getting projects despite charging much more than my foreign counterparts. I would say there seems to be a shortage of "quality" freelance coders that can communicate clearly in English, so I don't feel like making anyone jobless, unless you count some Indian programming drones, which is fine with me. :) Plus my day job is mostly porting games to OS X, so the actual bulk of the real coding writing and enjoyment I get doing freelance work.
Yeah, I find it funny you think there's a huge glut of quality programmers out there I'm taking work from. :) It's funny, occasionally I'll get comments from friends or family about how they should "learn programming" to make as much money as I'm making. My response is usually "Well why stop there, why don't you become a brain surgeon, you'll make a lot more than I make". Like coding is something you just pick up in a weekend and it's the automatic path to easy street or something.
Personally I have nothing against people that are working 1 hour a day at some mindless job (as long as they're paid significantly less than me, CEO's making millions on the other hand... :) I get to do what I love and make a comfortable living from it.