Although I agree with dr.oliver that pre-rounding is the least of the hours that are put in during a regular week, I don't think pre-rounding is as necessary as many places think. It's just a tradition thing.
The best way I've found is to split up all the patients among the residents and round on them. Then, meet for ~15 minutes or so and go over the patient list. This way you can concentrate on the more complex patients (and discuss them with your chief) and fly through the "pod #1, post-op ileus, npo, n/v, blah blah". This does not disallow the students from pre-rounding however. This system somewhat leaves out the hierarchy of intern vs. chief a little but is much more efficient and helps the interns develop autonomy when taking care of surgical patients. Then at 0730 everyone can go to the O.R. and do cases while doing paperwork, scutwork, consults, or whatever in between cases.
Although pre-rounding has/had it's purpose, in today's medical environment, efficiency must be a prime concern. It's amazing that my chief can go over all the patients, go do an APR, then in between cases run by and see the more complex patients. Makes the day a little bit busier though.