yeah, back before I knew anything about exercise in high school and started working out, I had the same philosophy of working the each muscle group individually day to day. Results?? An imbalance body: Huge Pecs/only slightly bigger back, hige tris/slightly smaller bis. The toughest thing about splits like this is there are some days where you can't make it to the gym, so that day, that muscle group gets neglected and you may not get to it until the next week.
Now, if you do what Malkore says, full-body, or some kind of split, you want to focus on compound multiple-joint exercises. The results will amaze.