This is exactly what MaxOT is - and it's very good, IMO.
The theory behind it is: get to the point. The reason you lift is to build muscle. The way to build muscle is to rip the fibers so it can rebuild itself. It's more effective (so they say) to lift a massive amount at low reps (4-6) to where you reach failure on your 4th-6th rep as opposed to 8-10 reps of a slightly lighter weight.
When you first start off, you do the warmup sets like you described. I personally do a 12-10-8-6-6-6 for the warm up.
After you do the 6th one, rest for 2-3 minutes (or move onto the next muscle group if you're doing more than one, ie bicep/tricep). Once you're done resting, start right off w/ the heavy weight again and do the same failure set(4-6 reps). Rest again, and do it once more.
You only need to do 2-3 sets per muscle group - I generally do 3 because some say 3-4 and others say 2-3... so 3 is a nice medium. It's a very quick and to the point workout.. but damn does it work good. I like it because it's convenient.
I personally do one muscle group per day, but bicep/tricep I do in the same day. Day 1: Legs, Day 2: Chest, Day 3: Back, Day 4: Shoulders: Day 5: tricep/bicep. I'm never in the gym for more than 20-30 mins.
