Personally I think this is an excellent routione you have chosen. A lot of people ignore this type of training in favour of the more common spliut routines. I do however agree that 2 deadlifts in the same session is probably a bit much, especially if you want to make progress each week. But I certainly don't think this is undertraining by any means - especially when you consider that you are doing completely compound exercises and not wasting time and energy and secondary isolation excercises. In place of the deadlift have a look at the exercises list on this link which is also divided into 2 workouts.
Split Training - All wrong?!?!
I hope you stick with this routine and keep us updated on your progress!