Well, I generally come in at least fifteen minutes late, ah, I use the side door - that way Lumbergh can't see me, heh heh - and, uh, after that I just sorta space out for about an hour. Yeah, I just stare at my desk; but it looks like I'm working. I do that for probably another hour after lunch, too. I'd say in a given week I probably only do about fifteen minutes of real, actual, work.
Probably more truth in that quote these days than I'd like to admit. Through my 20's and 30's I was much closer to 1. Lots of overtime, work holidays to meet a deadline. Very much a perfectionist. Then as I got older, I became much more jaded. When you give up your Saturday and go to the office and realize you're the only one there. Or the deadline you were given turns out to be false (they just wanted the work done so you stop charging their job or because someone was going on vacation and needed to get their project done before leaving).
Then in my 40s I changed companies and got my own staff. Much more free time, as long as my department work is high quality, on- or under-budget and meets the deadlines.