This works if you are travelling within Europe. If you are getting into Europe, it's customs, then you get your bags, recheck them, and go through security again. There is absolutely no way you'd make it. Customs, depending on how badly it is slammed, has taken up to an hour and half in line. Security is faster. But, when I travel internationally, my personal rule is that you need as much time on a layover as you would to actually travel internationally, plus extra time because on time arrivals are chancy. So, my layovers are at least 2.5 hours, and often in the 3-3.5 hour range. And even then, often there is only time to have a quick coffee and a snack, and use the restroom, before it's time to board again.
My wife uses mine as a shopping bag. Sorta funny, with the big eye right there.
You'll be happy to know I made my 30minute international connection in Zurich this morning. Also I have spent more than 4 hours in immigration on at least two occasions.