I'm trying my own modified version of it right now. Something along the lines of warrior diet and the leangains plan.
So far I've found it works pretty well. I eat most of my calories in the afternoon/evening. This is much easier than trying to eat 5-6 meals a day, much less count calories on that many meals.
One thing I'm doing is having a "cheat" day (Saturday) in which I eat whatever I want. Seems like this would be enough to prevent any "slowing down" of metabolism.