I think this is the argument of whether to graze like a cow (working 2-4 hours 6 days a week) or work like a lion (working 9-10 hours 4 days a week). Neither is better in every case so it largely depends on what kind of work you're doing.
If you're answering emails and having meetings where everyone has to sync up during the day - I'd opt for the first one.
If you're developing or coding where the time of day is irrelevant - I'd go for the second.
If you're answering emails and having meetings where everyone has to sync up during the day - I'd opt for the first one. If you're developing or coding where the time of day is irrelevant - I'd go for the second.