Interesting. Hadn't considered our 37 hr week to be pad locks and cattle prods. Sometimes they do get on a roll and work late but they keep the average to below 40. Our developers have responded very well to this, actually all of our employees have responded well. I actually got the idea from listening to Jason Fried (basecamp) talk about doing 4 day weeks (8 hr days Mon-Thur). The good news for you is that there are many companies who would love the opportunity to pay you for forty hours but get you to work more with no additional compensation, so you have tons of options available.

I own a software company and my developers work 37 hour weeks (8 hrs. Mon-Thur and 5 hrs. on Fri). We don't allow work from home. We don't even allow them to check their email when they're off work. Work is work. Home is home. Our employees love the lighter schedule and I don't think we lose much (if any) productivity. Our competitors may even pay more, but I don't fear losing any of my employees.