We did that the first year. Now our days flow a little more - no exact demarcation between school and life. I have goals we try to hit, but it's nothing like regular school. We do use curriculum and have set times for some things (violin, piano, Latin, etc lessons.) Otherwise we have days that are more math days and other days that are more science days, etc...no "45 min of this, 45 min of that." We use what I consider to be good curriculum and always are ahead, so it works out for us.
We don't always sit in the same places to do work. Sometimes it's on the go, or outside, or on the couch. Some days...lunch takes 30 minutes, some days, and hour and a half... and so it goes. We are also night owls, and I work mornings part time...with hubs at home in the morning. The kids are often not up til 9:30 am.