I recently started doing the Practical Programming Novice Program from Starting Strength. Program below:

Monday
3x5 Squat
3x5 Bench press / Press (Alternating)
Chin-ups: 3 sets to failure or add weight if completing more than 15 reps

Wednesday
3x5 Squat
3x5 Press / Bench Press (Alternating)
1x5 Deadlift

Friday
3x5 Squat
3x5 Bench Press / Press (Alternating)
Pull-ups: 3 sets to failure or add weight if completing more than 15 reps 

I've found that I actually enjoy doing all of the exercises on each day. From what I've read, giving a days rest between working out a particular muscle group is fine, so what are the potential draw backs of me modifying the program to the one below?

Monday/Wednesday/Friday
3x5 Squat
3x5 Bench Press 
3x5 Press
3x5 Deadlifts
Pull-ups