You're absolutely right, after reading a whole bunch of micromanaging laundry lists, it just gave me the impression to be more of a burden on the sub than anything else.
It does bring forth a few aspects that should be crystal clear before considering a 24/7 situation though, but nothing that good relationship communication excludes to begin with.
However, in that capacity I agree with bluefarie, having some guidelines to start is not a bad thing per se. Considering both parties and the need to remind (and not enforce) them both of broad subjects, that get worn down by day to day life. Maybe is more a question of titles and "contract" should be approached with a less specific undertone.