Dev Process

Hi,

I was wondering if you could critique the following DB application development process.

Given a production DB and a Dev DB:
1- Develope schema and code on Dev including test data which will impact sequences, etc
2- Dump the schema only (not the data) from Dev and restore it into the production DB
3- Populate DB with real data, usage begins
4- Enhancement to schema on Dev DB including unit testing again with impact on sequences
5- Dump schema and move to production
6- Goto 4

Thanks
Medi