I've always sort of subscribed to both schools of thought... Like yeah, don't get all your calories from processed food and if you're going to gorge do it on the good stuff, but if you want that 300 calorie processed snack once in awhile, treat it like 300 calories of your allowance if you count and move on to your healthier thing next time you're hungry.
Even with processed foods and thats all you ate, I'd bet you can loose weight as long as you are eating small enough portions. It would be unhealthy for a dozen other reasons, but for strict weight loss without worry of health, you could do it. I've seen people with candy diets on TV that can't gain weight, but are super unhealthy.
Good thing most of us here though are pursuing healthy lifestyles though and not just slimmer bodies

Thanks for the update and reminder Novangel!