I remember someone asking about this ages ago and I went and pulled a box of Special K out of the cupboard. The ingredients list didn't wow me. It had a lot of sugar and not much fiber or protein (compared to some of the really healthy cereals). Personally I'd rather just eat really healthy whole calories - lean proteins, lots of veggies, no whites (sugar, flour, rice, potatoes), fruit, good dairy - and at 1200 calories a day I'd probably lose close to 3 pounds a week and be healthier at the end.
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I did it a long time ago...I lost weight with it but then I ended up gaining the weight back, plus more after i started eating normally instead of having cereal for two meals... but thats just me
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It does work, but because it restricts your calories, not because of anything "special" about the cereal. Like others said, it's high in sugar and while some of the varieties have an okay amount of fiber, others do not, and they're low in protein. The cereals are yummy, but there are better ways to restrict calories than eating a bowl of cereal twice a day. I've lost weight doing it and kept it off, but I didn't feel as great as I do when I eat more whole, unprocessed foods.
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I agree with the other posters. The Special K diet is along the same lines as the Slimfast diet and other things like that because it simply restricts your calories but it doesnt use healthy foods or a balanced diet. One would most likely see results but then when they stopped the diet they would regain and start the dreaded cycle all over again.