First of all, thanks for the question, I think it's really interesting and I'm sorry that some people are responding with so much hostility.
If I commute 2 hours a day and work 5 days a week, that works out at 10 hours, which is more than a single day's work - so for that reason alone I think the question is a little flawed.
However, the company I used to work for was a 5 minute or so commute for me. So if I could have a short commute like that and work 4 days from the office, I'd totally go for it. More time for me! If it was even as much as 20 minute commute (4.5 days work equivelent) then I'd rather work from home.