It shows the phospholipid bilayer of the membrane (which is correct) embedded between two layers of globular proteins. The hydrophobic tails of the lipids are orientated towards each other, while the hydrophilic heads are oriented to the outside.
Although the membrane composition is correct (this was already published 1925 by Gorter and Grendel), there are some problems with the proposed model:
Membranes are not identical. The differ in thickness and the ratio of proteins:lipids.
Membranes have distinct inside and outside layers (defined by the membrane proteins which are present on the surface of the membrane)
Other than predicted by the model, the membrane proteins do not have a very good solubility in water - in fact they are amphiphatic, meaning they have hydrophilic and hydrophobic regions. The hydrophobic side is anchored inside the membrane.
When the membrane proteins would cover the lipid bilayer, their hydrophobic regions would be in contact with water, which destabilizes this construct. Even if they would be oriented towards the membrane, they would face towards the hydrophilic heads of the phospholipids causing the same effect. Additionally the proteins would also seperate the hydrophilic phospholipid heads from the water. So there is no real stable solution in embedding the membrane with proteins.