Workout Routine HELP NEEDED PLEASE!

Ok, This may be a little bit long, but I am in need of some of your professional opinions. I have had a few other posts on the board, and you guys have been TREMENDOUS help and motivation for me. So please, go ahead and give me all advice.

Ok, me and my girlfriend have been working out ( VERY SERIOUSLY ) together for about 8 weeks consistent.... and had a pretty good routine going. I am 6'1, 204 lbs, around 18% BF. She is 5'4, 122 lbs, NOT sure on bodyfat. Anyhow, this is the workout routine we HAVE been doing......I know 8 weeks is NOT a long time, but I keep getting mixed opinions so I need to know if I should stick to what I was doing, or if my routine needs changes.

My Goals: Lose BODY FAT%, get down to around 10%, and get the LEAN/Cutting affect.
Her Goals: Same thing. Lean, definition.
Not looking to put on size either one of us, maybe me a LITTLE bit, but much more into the cutting/definition stage now, hence the reason for all the cardio.....

Mon - Bi's, Tri's, Shoulders ( 30 min Cardio )
Tues - 45 min of Cardio, Abs, Legs.
Wed - Chest, Back ( 30 min cardio )
Thurs - 45 min of Cardio, Abs
Friday - Bi's Tri's, Shoulders ( 30 min cardio )
Sat - 45 min of cardio
Sun - 45 min of cardio.

Then the following week, Chest and Back would be Monday and Friday, and Bi's, Tri's, and Shoulders would be Wednesday, and it would rotate. JUST LIKE THE Body For Life Program......
Anyhow, It's been working well, I started at 224 lbs, and am at 204 now. Haven't really lost ANY size in muscles, so believe its all fat. She has had approximately 6 pounds weight loss, and more toning starting to come....Also, both getting increase in strength ....NOW, here is where I am confused.

I talked to some people and they said we are OVERTRAINING, which will cause more damage then benefit, and doing WAY too much cardio. What do you guys think? How much Cardio on Lifting days, Non-Lifting days, and HOW Many times per week?
All Advice is GREATLY appreciated....We are very confused, and need your assistance.

* We have been dieting as well, taking Protien Shake Immediately Post Workout, and for ME before bed also. I also Take Glutamine before workout, and post workout with shake, and before bed with shake.....

I'm in the same dilemma as you, I also have been told i'm doing too much cardio. I've been told to stick with doing between 45-60mins of cardio, but no more. However, I take Wednesday and Sunday off, you don't have ANY days off so the cardio is non-stop, you might feel too tired and overdone.