You're right to be skeptical; the HIT article was pretty much a re-hash of all the junk-science, more than a review of what works, and why.
FM I'm currently looking over the HIT article.
I'll maintain my skepticism for a little while about the volume, though I also try and top out at 12-16 depending on how I'm feeling.
As far as the compound exercises according to that view every exercise is compound since except for single arm preacher curls and the like it’s next to impossible to fully isolate a muscle. It reminds me of a comment a buddy of mine made half kidding that there wasn't any need to ever work shoulders as they get worked in pretty much every thing else you do (admittedly in support of this theory is the fact that most lifters have far bigger front than rear delts, which is why I split my actual shoulder work outs).
As an additional aside, a number of football players I know train in a similar manner to what I do when they’re in the off-season. In season they can't get enough recovery time but other times they're fine. Also the majority of personal trainers (always the bastions of information that they are <img src=icon_smile_tongue.gif border=0 align=middle>) work out in this manner.