in ds's school the have the 45 key words. They started in Sept coming home with 2-3 words/week laminated and put in a folder in his book bag. He had learned all of the words by Easter.
Recently his teacher gave me a list of Year 1 & 2 words for him to look at. This method of learning has really worked with him as when he sees a key word in a book he says it immediately. I bought a pack of ladybird 100 words flash cards from Waterstones which include the first 45 words and he is learning a few more words each week because he wants to. A lot of them are quite difficult to sound out phonetically.