How much crunch are you talking about? All the data I've seen suggests that after two weeks of 40+ hours, employees become less productive, and that it takes them several more weeks to recover.
Also, if the crunch is driven by the ambition of the team and not inaccuracy in the schedule, why is it top-down and team-wide instead of on an individual basis by people who want to do a little extra?
I'm a lot more likely to believe any claim that "crunch works great for us at company X" if it actually comes from a programmer or artist than if it comes from a producer. :)