<raises hand> We're doing it. Upcoming birthdays, everyone will turn 8, 6, and 4 respectively. We've done it basically part time for the past year (only offering thrus-sat or Sun, depending on holidays), starting to offer full time soon.
How do I do it? The kids are in on it. They are willing to help - whether by actually helping or by keeping quiet/busy. And...call me mean, but I have informed them that if they are LOUD when guests are here, we have to give the money back. Period. And even between the three, they don't have enough money in their piggy banks to cover it. We travel a lot, and they understand loud in a hotel = we have to leave. So they get they can't be loud when guests are here.
We have private quarters that are a no guest zone. No one has crossed the line...sometimes I discourage it by commenting how they don't really want to step on a lego or matchbox car in their bare feet (everyone laughs, which is really funny since I'm not kidding, but no one has opened that door).
For me, the worst part isn't making breakfast or tending rooms or even checking in guests. We seem to have developed routines for that. For me the worst part is the phone. I cannot count how many times I have effectively walked away from my kids because of the blasted phone (just because you're only offering rooms 3-4 nights a week doesn't mean they only call those days).
This can be a great experience for kids - it seems to be unfolding that way for ours. But we are a very flexible family who has been living in non-traditional ways for a while now, so my kids take it in stride if we have days of no guests and extra bike rides, followed by a day of extra video game time (which they "hate" <eyeroll>).