Those are all advantages for workers. What are the advantages for businesses?
I read some people mentioning about working 10-hours a day and work from Monday to Thursday. If I was a business owner I wouldn't allow that. I would rather offer 5~6 hours work per day than allow him to work more for 4 days.
In my field of work (engineering) as a regular worker, I see people working 8 hours but they are not 8 hours productive. Discussing this with some friends we concluded that usually an average developer can focus for around 5 to 6 hours, tops. Then, by adding two hours a day, he won't be 7~8-hours-productive.
My bet (and that's a my own point of view) is that an average developer will keep being 5~6 hours productive. That's because the development process leads to mental exhaustion. After some time people will be much more distracted, leading to mistakes, etc.
Of course there are some folks that will argue that they can do 10~12h work per day. While this is true, usually they don't do it for long without being burned out. A very few exceptions can do that without getting stressed.
So, If I'm a business man and I want my employees to have more free time without affecting my business, I would reduce the hours per day rather then do 10 hours x 4 days a week.
* btw, that's about software engineering only. I don't think the mechanics of other business would work that way.