Hah, I was going to say that sounds exactly like HIIT, and then I clicked the link and saw that it was indeed a form of HIIT.
Sounds pretty strenuous. Do you do different lifts or just squats? Are they weighted or is it just bodyweight?
@Ani, running is obviously good, but I'm still going for size and strength gains. And yeah, if you're looking for a "toned" look (meaning less bodyfat and more muscle), then some form of HIIT will benefit you the most.