My Routine - Thoughts Please?

So i've started lifting after school to try to gain some muscle (which I'm hopeful will eat some fat) Through a lot of research throughout the web (alot on this forum), I've formulated a 3 day split workout.

Each day I work out two groups, and try to do it just once per week.
Day 1 - Chest/Shoulders
Day 2 - Biceps/Triceps
Day 3 - Legs/Back

I usually lift with another guy from my school, and three days is nice because you have room to fit it in around our schedules, if more days are available in the week we'll do something based on cardio. One of the main reasons for just a 3 day split is to avoid over-training (I read somewhere that for building muslce lots of rest is nessacary, as it takes your body 3 days to get rid of damaged tissue and another 3-4 days for it to rebuild - Is this true?).

For the invididual workouts:
Chest
1. Flat Bench
2. Incline Bench
3. Dumbell Flys
3. Dumbell Bench Press

Shoulders
1. Dumbell Shoulder Press
2. Upright Row
3. Rear Lateral Raise
4. Standing Sholder Press

Biceps
1. Barbell Curls
2. Hammer Curls
3. Concentration Curls
4. Close Grip EZ Bar Curls

Triceps
1. Close Grip Bench Press
2. Lying Dumbell Tricep Extension
3. Lying Tricep Press
4. Chair Dips

Legs
1. Squats
2. Leg Press
3. Barbell Lunge
4. Barbell Side Split Squat

Back
1. Deadlift
2. Dumbell Rows
3. Long Bar Row
4. Barbell Lift

With 3 sets of 10 reps for each exercise. 
Any thoughts/suggestions on how I can improve it would be greatly appreciated. We've done it a few days, and I certianly think its working well, I've definately felt more sore from this then I have from anything else I've done in the past (done some work with the P90X routine), In fact we worked out with our Chest and Shoulders last thursday and today was the first day that I wasn't feeling horribly sore in those areas.

I have a suggestion you may not like but will get you much better gains - Starting Strength. It's a great program for putting on strength and size quick. That or Bill Star's beginner 5x5. Frequency is key.

Bill Starr's Beginner 5x5

Monday (Heavy Day - > 85%)
Back Squats: 5 x 5 Ramping to max set of 5 reps across 5 sets
Bench Press: 5 x 5 Ramping to max set of 5 reps across 5 sets
Deadlifts: 5 x 5 Ramping to max set of 5 reps across 5 sets

Wednesday (Light Day - <70%)
Back Squats: 5 x 5 using 60% of Monday's weight
Bench Press: 5 x 5 using 60% of Monday's weight
Pullups: 5 x 5 Ramping to max set across 5 sets

Friday (Medium Day - 70-85%)
Back Squats: 5 x 5 using 80% of Monday's weight
Bench Press: 5 x 5 using 80% of Monday's weight
Rows: 5 x 5 Ramping to max set across 5 sets

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you are doing too much man drop alot of excercises  and concentrate on keeping a max of 6 workouts in one session.

chest/shoulders/tris

bench, incline bench, oh press and dip

Legs/abs
Back/bis

deadlifts, pullups, rows, close grip pulldown ....

just a lil input, but i really like ripped chicks idea, i used to do that and saw great gains.