My dad worked like that for most of my childhood. He was often away for longer, but shortened his trips as we got older, more I think for my mother's sake than for ours. I don't think either of them realised the effect it would have on us. The first 'feelings' I recall about it was that I became aware that the atmosphere at home changed drastically between relatively peaceful week and noisy tense weekends. I felt terribly guilty that I loved and missed my dad, and wanted him back home, but at the same time didn't want the loss of peacefulness that came with him. When dad was at home, all the things that built up waiting for his return had suddenly to be dealt with, and I never felt that we were really able to enjoy each other. (By 'we' I mean not just me and dad, but the all of the family with each other.) I got the feeling that mum waited for him to come home to deal with things and so she could have a rest, but dad also looked forward to coming home so that he could have a rest.
I don't mean to give you a completely negative picture, but from my experience I don't think it's a good thing for the family to have a weekend dad - in the long term. And when I see the way my ds (3yo) blossoms when he has a lot of time with his dad, then I am convinced.
IMO if a dad (or a mum) has to be away M-F regularly, then the weekends need to be sacred to family life. Yes, of course shopping, chores, finances etc have to be done, but they mustn't take up the whole weekend. And some time has to be dedicated for that parent to spend with the children.
My dad now says that he regrets not taking up the opportunity to move the whole family out for a year or so at a time to one or two of the countries where he worked. At the time my parents felt it would be too disruptive to our educations, but now they recognise that dad's travelling may well have been more disruptive.