I don't like you having chest and back on the same day. They require far more attention than the arms and should be split up. Do you just keep doing that with one day off then back into it forever? How many reps/sets?
Personally, I do not necessarily see that as a problem, especially if one is interested in just getting as big and strong in the largest structures as possible.
(and no, one does not have to follow it as a 5x5) It could be higher less intense rep work, while still adding to the progressions...
ie:
Day 1
BP's
Rows
Core
Shoulder prehab
Day 2
Squats or Leg Presses
OHP's
Arms/Grip Work/calves
Day 3
Incline Presses or Weighted Dips
Rows
Core
Shoulder prehab
Day 4
Deads
Shrugs
Arms/Grip/calves
Or something along those lines.
If one concentrates on adding weight weekly, or even bi weekly (say #2 pounds for BP's, rows, presses and #5 for squats and deads). That is a pretty big addition in a year and a great addition in a few years, if they are serious about reaching some top goals in strength and size throughout the entire body. After they reach a certain amount of just overall size, then they could add in shaping work if they are so inclined.
I really think some people put a lot of time and effort into the small stuff, so they figure they need to do it for an entire session, whereas, if one puts the time and effort into the really large stuff and beats themselves up a little with some hard work and effort (and doing a good big of eating) the body grows all over and gets thicker and heavier muscled in the largest structures.
Also remember, most of the guys in the mags are selling the mag. for supps or just the mag. and are also probably assisted PED wise, so to emulate their W/O's, to me, is not getting the biggest bang for you training dollar.
While some of the short or abbreviated routines are not super glamorous, they will produce probably the best (especially for more natural lifters) in just plain mass and strength, if they are worked hard and adhered to.