It's what has worked best for me. I don't plan to do competitions, I don't need to isolate each muscle. I get way more of an asskicking each workout doing 3 different compound exercises, 5 sets, low-med reps, followed by some assistance exercises like dips, shrugs, overhead press, front squats etc. There isn't one way to train, I'm sure we all know this. Just take a look at Powerlifters like Dan Green or Eric Liliebridge, these guys mainly focus on the same exercises and are fucking massive. They might not be Mr O conditioning, but you can't deny they're fucking huge.
Again, it's what has worked for me, unfortunatly I work in the oilfield, away from home lots, so besides the 14 hours of labour during the day, I gotta find a way to cram a solid workout in about an hour. This definitely does the trick.