In his book The Four Hour Work Week, Tim Ferris writes "being busy is a form of laziness." I couldn't agree more.
The busy-busy-hair-on-fire-ImsoburiedIdon'thavetimetopee style of work which masquerades as meaning in countless offices doesn't impress me at all.The fact that a person has frantically filled up all their time means they're running from thing to thing, and most likely they're not really thinking very much. As Ferris put it, being lazy is a form of mental laziness. It's an excuse to not think.
Personally, I make a point of not filling in every moment of every day. It's important to me to have quiet, unhurried moments to think, to reflect, to poke my head above the cloud of dust and get a little strategic. And when everyone around me complains (i.e. brags) about how busy they are, I don't chime in.
A lack of time isn't a sign that you're doing good things. A lack of time is actually a lack of priorities (that's Ferris again). The point isn't to be super busy - the point is to be productive. So don't tell me how full you schedule is. Show me what you actually accomplished - otherwise it's just brownian motion.