This WSJ article does a nice job talking about the Bulgarian weightlifting method.

First, I've been lifting regularly, if not seriously, for the past 8 years and I have a firm rule: avoid any lift or training method that has the name of an Eastern European country tacked on to.

The Bulgarian training method is both an approach to lifting and an approach to team management. The high physical and psychological demands of the program will weed out the freakish athletes from the physically fit. As the WSJ article mentions, by routinely challenging your physical limits, you force the body to adapt to increasingly greater workloads. The other side of this is that each day is a max-effort day and each night you come home drained. It would be kind to say this program encourages the use of, ahem, supplements.

Starting Strength (Mark Rippetoe's website) ran a good article on the Bulgarian program. It discusses the program in greater deal and also states

"A sample program would look like this:
11:00am - 11:45 Front Squat
11:45am - 12:15 Break
12:15pm - 1:00 Snatch
1:00pm - 1:30 Break
1:30pm - 2:00 Clean & Jerk"

That program is insane and is still a lighter load than the WSJ article discussed. That is only 3 hours of lifting and only a four hour day at the gym, every day, for months on end.

When I was younger, I thought shit like this was brilliant. Every program I made or had someone make for me (thank god for meathead friends) had a 1-2 main lifts and then 4-5 assistance lifts. It took me a long time to realize that you lift so you can recover, you don't recover because you lifted. I am sure the Bulgarian method works well for the top .1% of lifters, but as a training philosophy, it is inapplicable to the general population's fitness goals and, in light of its very loose nutrition protocols, I question its effectiveness without the use of supplements.