Of course. Please refer to slide 14:
http://www.medscape.com/features/slideshow/compensation/2013/psychiatry
As you can see, 70% of psychiatrists work less than 40 hours/week. This is why psych is usually at the lower end of salary polls.
But if you give a psychiatrist GSurg/Cards hours (60ish/week), I'm fairly certain psych would be at the middle of the pack.
On an hourly basis, I think psych is pretty well compensated actually. And remember in psych, malpractice/overhead is very low compared to most specialties.
For example here in NYC area, OBGYN earn around 400k on average and clock 55-60 hr weeks. But they also pay around 120k in malpractice....whereas psych here can make around 350k with the same hours, but pay perhaps 8-12k in malpractice.