If you read the directions it does seem daunting at first, but the leader of our homeschool co-op told us she just sat down and did it and it just made sense. I agree. I had an small file box, which I filled with index cards and tabbed dividers:
Then I began writing verses on index cards (you need 41 verses total) and filing them appropriately.
Each morning when I open the box we will have a daily scripture, another verse depending on if it is an even or odd day, another verse for the specific day of the week, and another verse for the day of the month. That's FOUR verses each day, which keep getting reviewed throughout the year. It really is an easy system.
The Charlotte Mason site has a list of suggested verses, and I used some of those, and also several from an excellent book I just read, Good and Angry. I'm so excited to use this system and begin hiding more of God's word in my children's hearts, as well as mine!