Chris Brogan wrote a post over at Lifehack about how he chunks his time. I like it because he's realistic about how much he can get done and how long things take. He builds in contingency time too, which a lot of us overlook. The time you spend getting coffee, going to the restroom or fidgeting has to be accounted for!
If you're in doubt about how realistic you're being about time, make a list of all those overlooked things. There's sleeping, that's a big one. How about showering, cooking, eating, and essential shopping? When you get that stuff down on paper, you see how many hours you actually have for all that other stuff (i.e., work).
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