The program you described is very often used by Olympic lifters. Programs like that are great for beginners because you train each muscle frequently, but with not enough volume to cause over training.
However, as you progress and start to get more advanced, you will need more then just a couple working sets with one compound exercise per body part to stimulate the body group adequately enough to get a growth response. That is why Bodybuilders often train only a few body parts per workout and use 3-5 exercises and 3-5 working sets per day.
I would stick with your workout program until you stop getting stronger and seeing results. Then I would switch to a split where you break your body up into lower and upper body workouts. I would train 4 days per week and do each workout twice per week.