I could go on forever about why this routine is so great, and how long it's been around, and how much success Bill Starr had as a lifter and as a coach. But, I'll focus on some key points:
1) Squats. Preferablly deep OL full back squats on Monday and Friday. IMO, you should add light Front Squats on Wednesday; work-up to moderately heavy set of 5.
2) Slow progress. Start some 20-25lbs under your true 5 rep max in the first week, to allow yourself to accomodate to higher frequency of work. Don't be greedy, use 5lbs steps, and if you don't have such small weights, "repeat" the same weight for two weeks, but, try to be more explosive and tight second time around.
3) Heavy/Light/Medium. Monday is reserved for PR attempts, but as I said, allow a few weeks to get a head start. Wednesday is light, so make sure you get all the sets and reps comfortably. Friday's squats should not be a 3RM attempt, but something you can realistically expect to take for 5 reps next Monday. If Monday was hard, and you perhaps got only 4 reps, then use that same weight on Friday for just 3 reps. Be conservative with Inclines and Rows.
4) Deload week. Some people can keep on adding weight to the bar for weeks on this routine, but I'm not one of them. Every 4th or 5th week I have to do a light week, where I go just 2x a week (drop Friday) and not do the top heavy set on any exercise. Then next week I go a bit lighter then my old PR, and repeat...
In conclusion, this is a great routine, and you shouldn't worry about any other one until you feel you really own this one.