I have been doing a weekly review for some months now to track different goals in my life (not only coding related) and I have noticed huge improvements, It's so much better when you can measure accurately what you have done and have something to work with to improve those metrics.
Altough I definitely think this process could be streamlined, I don't think it should take 1 hour to do a weekly review, when I started I eventually got my process efficient enough I am doing it now in about 20 mins.