It really depends on if you are a strength runner or a speed runner. The pace isn't terribly fast relative to your PR, seems like the workout is supposed to be highly aerobic intervals for a speed type 800m runner. The rest is awfully long though.
If 800m is you primary event, you can't just slog away mileage like more posters recommend and expect to race a high level 800m race. I've been successful in the 800m when I focus on one distance up in the fall season. So, the primary workout is at mile pace, with secondary workouts at 800 pace and 5k pace. Your workout 5x500 workout kind of looks like 800m date pace which is fine, 700's are probably at 5kish pace, and the longer run is just for general conditioning.
Here is the basic training of a former Oregon 1:44 800m runner that I found in some post. You'll see that there is some speed all year round.
Sub 1:50 800m Training
Strength Phase
Mon: am 8 pm 4 plus 6*200 might be 30-28-26...sprinter recovery (ie full)
Tue - am 4 pm 5*800m, 400 jog recovery...very important that you cut down. start slower, push the recovery, and have the last one start to get FAST. like I said before, a sub 1:50 guy might do 220, 216,212,208,200-204 with a 2min running rest.
Wed - am 4 pm 8 +drills
Thur am 4 pm tempo 4 miles...getting faster
Fri am 4 pm 8 plus drills/weights
Sat am pace work. 1600-1200-800-400, 1200-800-400. 400s would end up under 60....notice this is the 5000m mans sharpening workout, for us it was strength
Sunday am 16
Sharpening Phase
Monday am 4 pm 8 with 10 good hills
Tuesday 600-400-400-5*200 cutting down. 600 might be 122, 400s getting quicker, working on speed endurance
wed am 4 pm 8 recovery
thursday am 3 mile tempo sub 5 pm 5*200 cut down fast 30-28-26-24-22
fri am 4 pm 8
sat pure speed. 4*400 sub 50. 5 min rest
sun 14-16
Peaking
mon am 4 pm 8
tue 600 in 116, 5*200 in 24
wed am 4 pm 8
thur 5*300 in 37
fri am 8
sat race
sun 12-14
this is for 1:45 guys.....back off for normal 800m times...