I'm on a FBT schedule every other day, and am impressed with the results. I did a FBT schedule coupled with a low carb diet for 6 weeks starting in Feb of this year and lost 15 lbs. This go-round, I'm hitting it with a moderate carb bulking diet and am getting stronger, denser and pumped. Clothes are fitting tighter.
My program is a lot like yours, heavy day, medium reps day, high reps day, then repeat. I usually will go to failure, but not by design, it is usually because I think I can hit a certain rep/weight and usually overshoot my capabilities.
I think the key to this is not to stay on this program for too long. Like I said, I was on it earlier this year for 6 weeks and that was one week too long, especially on a low carb diet. This go-round I plan on staying with it till the middle of December with my diet, then back on a 4 day split.
So- FBT has its place and can be useful as long as you use it sparingly and it is integrated into your year-long program schedule that changes on regular intervals.
WTF do I know? 6', 230lbs, 46 YO and been training since I was 13.
Hope that helps.