Unfortunately, I cannot help you out with the side effects. One thing to keep in mind though is that the increased risk of uterine cancer is due mainly to the fact that women with PCOS don't have periods as much as other women do. Managing your cycles, through BCP if nothing else, will help you to shed the lining regularly, and reduce that cancer risk.
I am not on any "diet" right now. I am increasing my fiber intake and working on cutting out sugar and cutting down on carbs in general. I read SugarBusters ages ago, and remember it as being certainly one of the saner approaches to a low-carb diet. If you haven't yet, I urge you to check out the SugarBusters board on this site, or the SugarBusters website itself at
www.sugarbusters.com Either of those sources will give you access to people who are following the diet.