I've seen both play out many times in real life and personally I prefer sticking to celebrating results. Why celebrate hard work just for the sake of work? shudder
Why do hard work at all? My answer would be to risk building something great. I doubt anyone wants to do hard work for the sake of it. Building a culture that rewards honest effort would encourage the same hard work in the future despite risks of failure -- though admittedly it's easy to go overboard in either direction! Use your best judgement here.