in my short work history, i've heard of both, and my current office has a 4 day work week... it seems to work well for those who get to take advantage of a constant 3-day weekend (read: not my workgroup
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if i had the option, i too wouldnt mind working 8-9/hr days and having a full day off. sometimes you need a business day to get stuff done... go to the post office, doc appt's, catch up on laundry, etc cause the weekend sure isnt long enough!
financialy it sounds good - saving on a day's worth of electricity but is that the only reason? a $100K monthly bill to knock off only 4 days of electricity use is a small fraction of the bill. and also, how does that affect your student body, not being open at all one MORE day of the week?