I'll pipe in here with that I think it probably depends on your fish whether you can get away with feeding every other day. I used to do this too. But I noticed with some of my fish they appear a bit stressed when they get too hungry (my tang and rabbitfish in particular). It manifests itself as aggression, which leads to fin nips and other artifacts of fighting (missing scales, bruising, that sort of thing).
Also some fish simply don't have the digestive systems to carry them over that long between feedings. Essentially they are pigging out, then starving, then pigging out, then starving. .. And their lifespans will likely be truncated as a result. Again, this just applies to some fish though, for others it may not be a big deal.
So basically in general I think feeding "less, more often", is better than feeding "more, less often." But ultimately, by observing your fish's behaviours you will notice if a particular schedule is "working" or "could be better."
Just my $0.02..
