For everyone saying they work 12, 14, 16 hours a day or even more...is this actual productive, working time where you are 100% focused on your work. Or is this time spent browsing BHW, responding to emails, reading blogs, etc.?
I guess to answer the question the OP was asking, we have to define what "work" means to us. Me personally, I couldn't imagine spending as much time working as some of you say you do. One of the main reasons I got into IM was for the freedom of it. Sure at first I had to do everything myself, but now I just outsource almost everything or use services to get my work done so most of my time is spent "overseeing" things and not technically working.
I would define work as something like building your own links, writing your own articles, designing your own graphics or landing pages, tweaking your PPC campaigns, and things of that nature (or if you're a freelancer doing it for someone else). The other things I mentioned at the top of this post I don't really count.
With all that being said, I might accumulate close to 8 hours on the computer a day (although I never time it), but most of it is managing my projects and making sure the system is running the way it should with my VAs, people I hire for specific services, talking to potential clients or partners, and so on.
So to me, there's a big difference with managing and working. I don't really put them in the same category.