What is "right" is a matter of what works for you. If you are hungry at 10 and 12:30, then by all means eat. The important part is to make sure you intake less calories than you burn.
I've tried a lot of different things (eating 5 small meals, using a 40/30/30 ratio, not eating after 6pm), and none of them seem to make that big of a difference for me. I do eat 5 times a day, mostly to keep the hunger down since I am limiting myself to 1200 calories, but I have also gone for weeks where I only eat 3 or 4 meals, and as long as I keep the calories low, the weight still comes off.
Starting Weight (02/2008): 271.8lb
Current Weight (01/08/2010): 180.2lb
Next Goal (01/31/2010): 170lb
Final Goal: 164.4lb