...a lot on how you study/learn/live. Case and point:
I'm in my first year, and I've got to say, honestly, this 2nd semester has been really nice. With no more daily anatomy lab, I only make it in to school a couple times a week for PBLs, the random, infrequent (and pointless) neuroanatomy labs, and required seminars for our "on doctoring" course (you know: ethics, nutrition, etc). This means most days I get up when I feel like it (usually between 8-9am), read the paper, troll the forums, play a little COD4, and/or run errands for most of the morning. The afternoons I sometimes study (but usually only towards the end of the block), play some Crysis, and go to the gym. In the evenings, after my girlfriend gets home from work (tool!), I go over there and hang out for a couple hours, then I come home, maybe have a late-night game of Supreme Commander and then goto bed around midnight.
So, note the the following variables:
1) class: if you go this eats up a CONSIDERABLE chunk of time you could be studying, gyming, gaming, or w/e you like to do. I've never learned well in class; I have to go home and reread what the lecturer said--and with the advent of laptops and wireless I find myself tuning out of a lecture in ~10minutes and logging onto slashdot for the remaining 50min.
2) study habits: if you're the type of person who doesn't feel right not reviewing the material everyday, you will spend a lot of time studying. Personally, I find myself most effective when I have a deadline, say two weeks to exam, and then just setting out a plan and basically doing it all at once. I'm very much an on/off studier: it's all or nothing for me.
3) an nVidia 8800GT gfx card: w/o this you'll never realize the potential of the best games. okay this 3rd point was a joke.
*Now, first off, this was not the case first semester--anatomy is too much time and too much material to not be studying throughout the block. Also, for us anatomy lab was all but required--3-4hr hours of fat scraping 3 or more times a week. Also, you're scared into thinking that you have to goto lecture or you'll miss something important. Soon you realize that in med school the problem is not missing information, it's that you have too MUCH info. Seriously, first semester I had last year's noteservice, this year's noteservice, professors' powerpoints, assigned textbooks, recommended textbooks, BRS studyguides, FirstAid studyguides, netter flashcards, and Prep test banks. Man, talk about too much. I didn't buy a single textbook this semester; just the BRS for each of my courses. And of course the note-service. And so far I've been nailing the exams. Not that it matters since we're P/F the first 2years. This also helps...I really recommend looking into a P/F curriculum when you're applying, it makes things and people so much *nicer*!
Of course this semester it helps that I've had biochem and physio before, and our neuro is really pretty straight-forward. It also helps that most of this material, especially biochem, is rote memorization (sure you can memorize the pentose-phosphate pathway a month before the exam, but you're just going to have to do it all again 2 days before...). Also, first semester you are so overwhelmed by everything that it is intimidating and you end up studying a lot more than you prolly need to, but you just don't know what works for you yet. It is definitely much more material than undergrad, but so far it's been very manageable.
In terms of hobbies, extracurriculars, and relationships, I have found all of these very doable in the first year of med school. It's not like that idyllic time we call senior year of undergrad when all you do is get up in the afternoon just in time to make happy hour, but it also isn't anything like working a real job (which I did for three horrid years before returning to the blessed bastion of indulgence I like to call academia...) So that's my lengthy two cents about my experience so far in terms of daily med school life.
I will also say that speaking with 2nd years my impression is that next year gets a lot harder, but still has lots of free time--it's just that then you have to devote more of it to studying both for the course and for step I. My institution is pretty good about allowing self-directed learning, so they don't make a lot of required commitments at school unless they are inarguably valuable--thus 2nd year, like first year has a lot of optional class time. I will also say that I KNOW things get a lot more crunched 3rd year--I've yet to read a 3rd year post saying "These rotation-thingies are a breeze"! But I also hear a lot of people calling 4th year the "most expensive vacation" you'll ever take. So there it is, all four years of med school as I understand them thus far...
). It depends on if the school has mandatory attendance first and second year, too. We don't. So even though there is 40 or so hours of class going on, you can choose not to go. I never go to class, EVER. so I have a good bit of free time 
anyway, hope that helps a little.
