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.
Current PRs at 242- 495, 345, 585, 1425