It's a good program. It's well thought out and well put together (note - this is probably the only BBing program that I will say this about). I don't hear about too many people running it and not getting results so that's a good indicator right there. I'm also guessing that the volume is about right for most natural BBers. I think where it would really shine would be after a period of heavy foundation work and then using HST and allowing that newly accrued strength to build into the higher rep ranges. I'd bet a lot of people would reap some nice gains.
On a personal level, it's not really the way I like to train and I tend to do things a bit differently. Plus, I can't count over 8 anyway. But really, that doesn't mean anything - there are a lot of ways to go about skinning a cat. HST is as viable as any if one is primarily interested in hypertrophy. I think I've suggested to a few people that with the Bill Starr 5x5, DFHT program, HST, and even creating similar mesocycles on your own following the templates, you can really lay out some nice longer term macrocycle style programs (6+ months for most although in athletics it's generally a year) that work in a lot of variety in exercises, volume, and rep ranges.
This type of variety over the year is going to be really beneficial and allow people to build fundemental strength and size while addressing weak links in the compound lifts or even just aesthetics.
EDIT - I will throw in that WSB is also a great system to use in conjunction with this stuff but to really get a lot out of it, you should have a good foundation first and be experienced in the lifts.