i have 3 kids and i never had any one of them on a schedule. ive always just went with the flow. for example when baby was hungry they would let me know and i fed them. i also think it depends on the child to. some kids need that kind of structure. it all depends on what works best for you and your baby.
I think it depends on their age. before 1 I think you should try a general schedule. nap time and bed time at the same general time every day, but so much happens that first year that could throw it off, it's not worth stressing over.
I didn't put Alice on a stricter schedule (especially bed time) until she was about 18 months. I'm so glad I did, just for my own sanity.
I have 4 children and never had a schedule. Each are different, my 6yr old likes to be on a schedule, my 3yr old doesn't. So we all adjust to what works for all of us.