Why on Thursday? I know a lot of you guys are working on your own things or freelance but a lot of people have office hours and might need some time to move :(
Having organized several parties involving mostly programmers before, i can say that yes, doing it on weekday makes event way more fun, because it puts a strong positive filter on those attending.
It's close enough to the weekend so you don't have to worry too much about a cheeky extra beer and at the same time it's fairly convenient for most people to swing by after work.