I will try and write what I think and do, and perhaps this applies for you as well.
I aspire to be a pianist, and therefor demand of myself, with the "goal" being music, to have a near perfect technique. Of course, playing silly exercises is extremely dull, and I don't plan to be suffering in this manner my entire life. I think you must enjoy the exercises.
My order of practice is as such:
* Warming up with harmonies - helps your fingers remmember them, and warms and stretches all the fingers.
* Playing a slow adagio to feel the piano and get a sound.
* Exercises, I play Hanon, the entire book, at least once a day, meaning - at least an hour of exercises. With a few pauses. Every few exercise I pause to play some exercises of my own, on whatever technichal issue that bothers me... And of course - not to get bored.
* Pieces.
If you do not enjoy exercises, find others that you do, since exercises are a must, scales as well. You MUST enjoy them, this is not a innate ability, yet is something acquirable.