My paycheck is less but I get to enjoy life a lot more and I have more time to replenish my energies. I remember that before this I always felt out of breath at work. Too much high paced, too little time. After this change I got more efficient (and I was efficient before) and that feeling of time missing to do things has gone away.
For anyone reading: if you have a decent pay and have been employed in the company for some time, consider this option. Chances are they'll agree to moving onto part-time with no trouble and the benefits are well beyond the change in the money you earn.