To borrow the ideal-world-artisan metaphor, if I want a table made by a carpenter, I don't care how long the carpenter spent making the table, and I (ultimately) don't care if it's just a job to her. I care whether my total investment of waiting and money is worth the table she makes.
Problems arise when it's much easier to measure 'passion' and time spent working than value added. These are probably correlated within reasonable bounds, just like total words in a comment and value added to a discussion are often correlated, but I don't upvote on length. It's annoying to see someone getting more respect than you, but turning out crappier work, just because they stay late and fit the cultural bill.
But the flipside is that if time spent and value added are correlated (and I suppose that's very loose across persons, and even within persons), then pay, and perhaps even personal respect for someone's craft, will be tied to that.
501ers recognize that it will probably result in having less opportunities:
We recognize that your willingness to allow your employment to penetrate deeply into your personal life means that you will inevitably become our supervisor. We're cool with this.
I think that's a good attitude, as long as it's acknowledged that without putting in the extra hours to learn, grow, or ship, you might not grow over time and earn the same respect in the workplace[1], and you might not get paid the same.
[1] Respect as a person, of course, should be independent of work, and respect for your craft should probably be based on what you can do, not how long you spend doing it. My closest friends are extremely talented, and also more on the just-a-job end. This doesn't change how I feel about them at all. It's their life, after all.