I suppose it depends on your field. In my highly technical field (thermodynamics) this is what I am doing, in fact more about 3 to 4h a day. This is long term work (100+ days/year) at about $750/day.

This is why I always recommend people to specialize themselves and not to drop out of college. You will have hard time convincing someone that you are 12 times faster/better than a "normal" developer, but if you have only 1000 people in the world able to do the job the company want to be done, you do not need to convince anybody.

At my current client, I did! I went from 5 days to 3 days a week, split pretty much how I wanted. I've since gone back to 5 days, thinking that I might as well earn all I can from the contract before it's up, as I like the work and it's a good rate