Everything I've read indicates that breaking exercise into chunks is just as effective as doing it all at once. In fact, you get the added benefit of boosting your metabolism several times during the day!
From the latest government recommendations on exercise:
Quote:
The barrier often given for a failure to be physically active is lack of time. Setting aside 30 to 60 consecutive minutes each day for planned exercise is one way to obtain physical activity, but it is not the only way. Physical activity may include short bouts (e.g., 10-minute bouts) of moderate-intensity activity. The accumulated total is what is important—both for health and for burning calories. Physical activity can be accumulated through three to six 10-minute bouts over the course of a day.
Dietary Guidelines for Americans 2005
The important thing is just to get it done, and if this is what works for YOU, then go for it.