I've been running a diet based on this and am very happy with the results. On weekdays I fast until 3, then eat a protein and fat based meal (usually eggs and cheese). I usually train between 4 and 7 on weekdays, and afterwards I get all my carbs for the day. I try to eat all of my grain based carbs within a couple hours of training, but I also make sure to get plenty of fats and protein too. On the weekends I'm usually pretty active, so I just start eating carbs after the first active thing I do on a given day.
I usually stick to the very low carb intake all day on non-training days, although there are exceptions. Today is one, because tomorrow I have a big fitness test, so today I'm still taking in some carbs to make sure I'm at my absolute best tomorrow, even though I'm not training.
I personally feel that this diet is absolutely the best for me when it comes to maintaining performance and lower bodyfat levels while still building muscle.
Raw gym PR's, soon to be broken-
Squat- 435 (405x3)
Bench- 345 (315x2)