This has been beaten to death, so I'll keep it as brief as possible:
You can still do all the compound movements within a bodypart split.
Anybody with 1/4 of a brain knows that you're not just working "quads" when you do squats, or excusively working "pecs" when you do bench press.
A bodypart split works exceptionally well for hypertrophy purposes, assuming you keep in mind the secondary muscles that are being worked, hence me advising something like not doing shoulders after a day of working chest because of the huge crossover.
If you're not looking for large gains in musculature, don't worry about bodypart training. However, last I checked, the athletes almost exclusively interested in hypertropy, i.e. bodybuilders, use bodypart splits with much success.
Please, don't turn this into another bodypart vs. total body vs. planes of motion debate, it's all been said. To each their own, whatever works for you.