Pembo - we went through the math-facts pain when DD was in 2nd grade. Everytime she passed on to the next level - she got breakfast in bed on the following Saturday or Sunday. Nonetheless, she hated learning them. We did a variety of things...flashcards...random facts while we were driving somewhere...sample tests...
Third grade was painful - my DD just didn't get multiplication. Her teacher was a royal pain...all in all it was a nasty year - but that should really be another thread. She never did get to even the division problems.
Last summer, we had a huge financial bribe, and she was to take 1 multiplication un-timed test every week. (We were going on a
Disney Cruise last fall - and if she took 1 untimed test every week - she was going to get a bunch of Disney Dollars for her spending pleasure on the cruise

We didn't feel it was too important to "time" her, since we figured that if she wanted to spend 15 or 20 minutes - that was her playtime she was missing out on. Most times she did the 100 facts in about 5 or 6 minutes. Towards the end of the summer, we threw in a couple of + and - tests too, just for a quick review.
Fourth grade had been my reward for math facts. The "standard" to try to meet by the end of the year is a series of 5 tests, of which each one must be completed in 4 minutes. After a 100% in 4 minutes in addition - they move on to subtraction, then multiplication, then division and then 1 of 100 mixed facts. Our DD has completed all the series of tests, at the 3 minute level; and no longer has to take the timed tests in 4rth grade. She gets to work on some challenge problems while the rest of the kids are doing the time tests. Oddly enough - this year we have spent the least amount of time doing the practice facts, and even very little on division at all.
GOOD LUCK TO ALL OF YOU PARENTS! My best advice to all of you is to find the best motivator for your children, and use that. The practice tests help, as do the flash cards.