Well, we do a few different things:
1. During the morning (school days), we tend to read out of a Child's Story Bible (like Vos) or a Biblical/character type book (we've done Parables of Nature, Leading Little Ones to God, etc.). This has been especially nice for my younger ones (I say "ones" because there was always overlap with my ages of kids as they grew) but we still do it all as a family.
2. In the evenings after dinner, we read straight from the regular Bible (not a kid's version), starting in the beginning and working our way through. Obviously, with littles this goes rather slowly (it took us a couple of years to read through the whole thing the first time round!). We are on the second time round. We were in Psalms when Easter rolled around and my husband decided to jump to a gospel and read that one gospel through, and now we're back to Psalms.
I often have to chuckle at how my husband has naturally woven in narration and discussion without ever reading or knowing anything CM. After we read he will ask the kids, "So, what was that about?" They talk about it, and then with the 2 olders he tends to ask more open ended questions to further their thinking. Once when we were in Revelation, he gave all of us a piece of paper and asked us to draw the unusual things being described as best we could imagine it. We all had some crazy drawings!
We do not use any guides or anything for this part, just the straight Bible. Some things that may not always be age appropriate, we might skip, but otherwise we just read through. It's amazing how much they remember and how much understanding they have, even with some deeper issues.
3. The Hebrews study is new for us, but we thought it might be nice to do a deeper study as a family. We are aiming for once a week (or maybe once every other week if it is too much). We'll see how it goes.
I'm currently encouraging my olders to spend some alone quiet time with God, praying and reading the Bible.
So - that's how we do it right now. Not sure that is the best way or not, but it seems to be working for us right now. Hope that is helpful. :-)