I think a lot body builders follow that philosophy. I used to get an e-mail newsletter from this excercise website a few years ago, there was one in particular where this guy was adamant that you should only train each muscle group once week very thoroughly, he believed it took at least a week for the muscle to repair the 'damage' (he claimed to be a biochemist, which may have been true).

I followed this routine for a while (a few years ago now, before boxing), I felt myself getting a little bigger, but I didn't really progress much with the amount I was lifting, though I'm sure if it's done correctly it does work.

Anyway, the only real worry I'd have if I'd incorporate something like this into my training is that each muscle group may be sore for a couple of days after being worked hard and then affect the rest of my training.

Keep up the good work.