For a begginer, it seems like a solid workout that will bring about some positive results.
The first thing I thought when I looked at it was "Holy crap! How can you do chest, shoulders, triceps, biceps, and back all on the same day? That'd take me like two hours."
But then I remembered, beginners don't need to do the same amount of work that an intermediate, or advanced lifter does. A beginner can get away with one exercise per bodypart and still make good gains.
I guess it's all relative to the person doing the program.