I recently started doing the [Practical Programming Novice Program][1] 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
    

  [1]: http://startingstrength.wikia.com/wiki/The_Starting_Strength_Novice/Beginner_Programs