I'd guess I have a picnic every 10 miles or so. (I'm slow, so that's every 45 min or so) If I don't eat a little something fairly often I get crazy-hungry and b*tchy and headachey. My ride turns foul, and then I eat waaaaaay too much after the ride.
You just have to experiment and find out what works best for you. My bod likes the way things are now; I have fun rides and feel great and lost 50 lbs and am down 8 sizes.
My wife, on the other hand, hardly ever wants to picnic as often as I do. She stays happy with just sports drink and eating maybe once to every 2 or 3 of my picnics.
"If Americans want to live the American Dream, they should go to Denmark." - Richard Wilkinson