We've been doing that for a few years now. Basically we have two queues: The queue for escalated defects, and an ordered queue of about 10 prioritized enhancements that we've ordered based on what we think is most important comparatively. There is also a backlog of ideas/garbage work.
It works fine, except that the product is complex and old enough (and the team has too few developers so) that the bug queue rarely gets to zero.
It works fine, except that the product is complex and old enough (and the team has too few developers so) that the bug queue rarely gets to zero.