You will lose weight. You actually end up eating less calories, even though it's alot of fat. It kind of naturally supresses your appetite. The foods are tasty, and with a 24-48 hour carb up period, you tend not to get bored with it. I basically would eat chicken wings, bacon, eggs, bologna and steak for 6 days, and then eat ice cream, pizza and m-m's for 1 day. If you are in a position where you need to take off over 20+ pounds, it will work well, and keep you from getting bored, being that you can basically eat anything you want for over a weeks time.

I've always used it after extended periods of bulking, just to get me in my ballpark, then fine tuned my regular diet to get in great shape from there. I would suggest researching the Anabolic Diet by DiPasquale as a reference.

Well I guess my biggest concern is loosing my strength and arm size. I just dont see how you can maintain strength on a workout program like that. Would it be ok to train like this:

Day 1- tri's, shoulders, chest
Day 2- legs
Day 3 cardio
Day 4 cardio
Day 5 back
Day 6 cardio

?? Does it have to be any certain way?

I would stick to one bodypart per day

Mon Chest
Tue Back/Shoulders
Wed Legs
Thur Arms
Fri rest
Sat rest
Sun cardio (if you must) I'm not a fan of cardio for weight loss and muscle preservation, but most people insist, so if you do, cut it to 1
day.

Something along those lines, you can play with your days, according to
your own personal schedule. If you like to go to the gym almost every
day, then by all means, break up tri's/bi's, back/shoulders to seperate
days.

You will be surprised how much strength you retain, and IMO how much better your muscle will look while using this diet.