not sure about it exactly as posted IMO
I'd alternate squats and deadlifts each workout
mon - squat or deadlift / incline bench / pullups
wed - squat or deadlift / dips / chins
fri - squat or deadlift / db shoulder / rows
Sets & reps, up to you at the end of the day, you could do 2x15 monday, 3x10 wed, 4x6 fri. Or just do all the same, i.e. 3x8 all week.
Pop an isolation on the end of each day, if you feel like it.
Be sure to take your own advice about going to failure
I'm quite liking the full body approach at the moment, I'm about a month in on a similar program
Personally I think the things to watch for are total volume, and going to failure. With this frequency I'm not sure the "destroy your body" approach of a regular split will work at all well. Unless you're roid'd up to the eyeballs and can recover lightning fast.