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 enhanceme

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.