My children have been at ex's every weekend, alternating long and short weekends (1 weekend until Sunday eve; the other they are back with me on Sat eve). No midweek contact.
Initialy, that worked because I worked Saturdays. Seemed better for DC to be with a parent on Sat's instead of childcare.
But after 3 years, DC requested a change. They want alternate full weekends with each parent. Largely due to their social lives. Ex and I live on opposite sides of London, so mine as well be in foreign countries.
And now that they are older, they can express themselves better. My DD (8 yrs old) said she was tired of going back and forth. That was how she saw the every single weekend thing. Constant to-ing and fro-ing.
In my experience, as painful as it is to the parent who gets less time, children need a home base. One week in each house sounds like a permanent state of change. That cannot be good.
The alternate weekend schedule is so great now. I love it, and so do the children. If only ex would do the midweek thing, it would be ideal.
And thinking about it, that level of sharing (1 week on, 1 week off) will require incredible amounts of cooperative parenting. How well do you all get on? With all the good will in the world, it will be difficult to apply the same rules in 2 houses, so the child will inevitably get stuck between 2 cultures.
I would avoid it if possible.