I have been following the Belly Fat Cure for about 3 months and have lost 23 pounds in that time, which is faster than I was losing when I wasn't controlling my carb intake. So from my perspective now, this has been a good choice for me. Is it the absolute best way for me to lose weight or is it a good way for you? I'm not sure! I think you just have to try it out and see.
I can't speak to experiences with ending the diet (it IS supposed to be a lifelong way of eating) or with cheating because I haven't done that. I have screwed up on occasion, especially near the start when I wasn't yet used to eating smaller portions of carbohydrates, but it apparently didn't affect my loss much. These days I have 6 or 7 days out of the week that are totally BFC-compliant, with the non-compliance usually being eating like 5.4 g of sugar in one meal instead of 5 accidentally. However, I have not gone off plan to cheat or binge, and I think that is because the plan is quite flexible and I have been very satisfied with the type and amount of food that I eat.
I have had to give up some foods that I really enjoy, like most fruits and yogurt. I don't think I'll stay on this specific plan for the rest of my life but I definitely have learned that I need to control my carbohydrate and especially sugar intake to be healthy, so I will probably try to follow this type of plan for the rest of my life, if not this specific one.
I lost 40 lbs between Nov 2010 and Nov 2011 doing low-sugar for my "50 Pounds in 50 Weeks" project. I bounced halfway back up so I'm back for more!
I blog about personal finance at Evolving PF