The only reason this plan works is that you're obviously cutting calories from your breakfast and lunch meals, plus I'm guessing not having any snacks. You could easily cut just as many calories eating well-rounded, yummy meals other than Special K (which actually, as far as cereals go, is not the healthiest choice--just because it's low in calories doesn't mean it has any nutrition or healthy ingredients).
Let's see, according to their website, a serving is 1 cup of the cereal with 1/2 cup of skim milk, and that comes to 150 calories. For me, that's hardly any food at all, and I'd likely be hungry again within the hour. For about 150 calories, I could have a satisfying cup of hot soup; a sandwich on light whole-grain bread with veggies, lean meat, and reduced-fat cheese; a Lean Cuisine or SmartOnes frozen meal of chicken and veggies; a large salad with veggies, fruit, chicken, and a light dressing; a chicken and/or veggie wrap on a whole-wheat tortilla; lettuce wraps with chicken, veggies, and cheese; a strawberry smoothie...I would prefer any of these over a bowl of cereal with such ingredients as sugar, salt, and high fructose corn syrup.
I would also be wary that with only 300 calories combined at lunch and breakfast, you'd likely not be eating enough calories in a day. This only adds another reason why this would not work as a long-term plan, for dropping your calories too low will work for a while, but eventually, your weight loss will stall, and you likely won't be getting enough nutrition from your food, which could cause dry hair, hair loss, dry and/or brittle nails, dry skin, and a multitude of other symptoms of mild malnutrition.
So short answer: yes, it would probably work for a while, but it is NOT a healthy, well-rounded, nor long-term plan.
If you like cereal enough to eat it twice a day, maybe try a Kashi cereal with some sliced fruit added (and maybe even some almond slivers or something if it doesn't have much protein or fat). Or mix a healthy cereal into a cup of cottage cheese or yogurt (I would think Kashi GoLean Crunch would work well for this--almost like a granola cereal in texture).
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