I haven't done BFL in years - I think the program is a good introduction to weight training, but after a couple of 'challenges' it got pretty limiting and I wanted some variety.
Quite a few of us started out with BFL as an intro to weight training, but I don't know how many of us are still doing it at this point.
Do I eat six times a day? Used to, but now I just eat when I get hungry. I used to use the shakes, but after a couple years I got burnt out on them - besides they tend not to stick with me as long as solid food does.
The free day...that's a major selling point for many looking at BFL. I know it was for me when I first read the book - the way BP writes about it (eat two Big Macs, have a couple cinnamon rolls, a pizza, etc) it does sound attractive. HOWEVER...if you tend to binge eat or compulsively overeat (like me!) the hog-wild Free Day is NOT a good idea IMO. I think the theory is that after a period of time, you'll get tired of binging on that day (and feeling like crap the day after) and ramp it down a bit. Well...that might work for some, but definitely not for me. By the next Sunday (which used to be my Free Day) I'd forget about how crappy I felt and pig out again. Kind of reminds me of these neighbors of mine from back in the 1980's who would go on a bender every weekend - just drinking up a STORM - on Monday they'd be suffering from a hangover and vowing NEVER to touch the stuff again. Of course, next Saturday they'd go to the liquor store and the cycle would start over again...
Now, on the weekends generally Jim and I will go out for lunch or whatever (standard fare is generally a chicken/rice/whole bean/salsa burrito from a local taqueria). I don't spend a day pigging out - and I feel better for it.
I wasn't even finished with my first challenge when I discovered that the 20 minutes of cardio 3 times a week was just not enough for me - since I wanted to burn fat. I've found that I have to do cardio pretty much on a daily basis - I'm accustomed to it now. And I haven't done a "BFL-style" split in AGES. Other lifts - yup - again, I need to mix up things a bit or I get totally bored! There are LOTS of sites on the Internet with different variations of lifts - check out the 'basic info' sticky here in LWL for more info. I also bought a paperback copy of Arnold's Encyclopedia of Bodybuilding to get new ideas for lifts and such.
I'm not sure if EAS still does their annual BFL challenge, but interestingly enough from what I've read, very few of the contest finalists/champions followed BFL 'by the book'. Many of them 'tweaked' the program by eliminating the free day, adding a lot more cardio, etc. (As I recall the contest rules don't say you have to go by the book - you're only required to use EAS products during the 12 weeks to qualify).
Summing up - BFL is a good way to start (along with gathering info from other places - such as Krista Scott Dixon's Stumptous site
http://www.stumptuous.com/weights.html which is STILL the best women's weight training site on the 'net) but after awhile you'll most likely want to move on from there or risk boredom and/or stagnation.
As far as Eating for Life - it's basically a cookbook, with a summary of BFL and a bunch of before and after stories in the back. I have the book myself - there are some good recipes but whether it's worth the $35 cover price...well...
Anyway that's my two cents...