As a beginner/intermediate lifter, I would say that Sheiko is a great beginner workout. I started with 5-3-1, more or less, and while I made great gains, I didn't get enough volume to develop technique. With Sheiko, I spend more time under the bar, and get more opportunities to develop my feel for the lifts.
The downside that I see, is that without guidance and coaching, uncorrected flaws in your form, especially on the bench, could quickly lead to overuse injuries. Back when I was benching once per week, I could get away with errors that I can't allow now that I'm benching three or four times per week.