I don't like it personally. The cardio is fine, however, and a good idea
You only have shrugs and deads for back, and all that arm work...
You don't need all that direct arm growth to get good arms. And you trying to loose some fat, it is more efficient to tax many muscle groups at once, although less pleasant.
Follow the link, those are much better three day routines...
I will give you another option, to look into... "the New Rules of lifting" lou schiller,
here...
http://www.amazon.com/New-Rules-Lifting-Maximum-Muscle/dp/1583332383 or do a push/ pull/ legs (which is almost what you have if you made friday a pull day, with bent over rows, pull ups, and got rid of the shrugs entirely.
5 sets of 10 reps is too much volume..
If you want to do a higher rep scheme, 2 x20 2-3 x15, 3-4 x12- 8, 4 x6, 6 x5 , 5x5, 5 x 3, 6 x3 ... those are all pretty standard rep/set schemes.