Years ago someone organised in Mumsnet a "poll" between grown up children of separated parents to find out what would be convenient from the point of view of the children.
From what I remember, alternate weekends was the way to go as the children had opportunity to have quality time with both parents away of the school days routines. + one weekday.
Some people suggested that for alternate weekend contact it was better to do a friday to monday weekend rather than having "half days", meaning not being able to use a weekend day properly as children had to be picked up at midmorning and/or returned before bed/dinner time on last day.
People mentioned that it was better to have a house as a "base" rather than having two "bases", especially as they grew older, as they found it difficult to keep what they needed for homeworks in both houses, and also to spend time with their friends (this last was particularly important for teens)
IMO, any arrangement can work well for the parents, some arrangements will work better for the children, but everything will work well for everyone if you and your ex have a good relationship and keep communicating about the children needs.