Yeah, my brother does that. Fortunately for him, he's now gotten into a position where he won't have to do that any more. He actually doesn't work on any one given game any more, he works as the liaison between developer houses and the publisher he works for. So, he's got a few games he's responsible for, but he's not involved in the day-to-day development. He more makes sure they stay on schedule, that they've got all the necessary elements in their plans and scheduling, and arranges to get the development houses any resources they might need from the publisher. (in terms of assistance with testing, etc. etc. etc.)
I'm actually really looking forward to one of the games he's overseeing, it looks cool enough to possibly actually get me to obtain a xbox 360. The game's called Mass Effect, and is being done by the same people who did KOTOR and KOTOR2.
http://masseffect.bioware.com/
Anyway, he generally works about 60 hour weeks as a matter of course now, but at least that's his maximum in general, no more crunch time 20-hour work stretch, nap on cot in break room for 2-3 hours, get up and get back to work, and not see home for a week at a time type cycles.
-Arlos