Game developers aren't robots, they're human beings like you and me. Hard work is always important, but working respectable hours and taking your time on a project is also more important than a mandatory studio-wide death march. The latter is how you get companies like Konami, who treats their developers like shit and makes working conditions a nightmare. Voluntary Crunch-time is one thing, but treating your creators and programmers like slaves is completely different.
It worked in the past. Even Nintendo worked their employees to the brink in the 90s and had phenomenal results. Game releases were constant and high quality. You just need to push them to the max and if they cant handle it they can leave or you fire them. "Respectable hours" isnt respectable, you need to work them the max you possibly can and you will get shorter release schedules and still HQ content like in the 90s