I have the Carb-Nite solution book the guy who wrote that article also wrote. It is an interesting read. There are a number of deits based on the same concept for fat loss (4 hour body, Cheat Your Way Thin etc) and they do work very well. Especially the first week or two when you lose all that water weight. The other thing I like about low carb dieting is that you don't get bloated throughout the day.
For strength and power athletes too a certain amount of carbs is required for training. I think you can do these things for short bursts - a 4 week stint isn't too bad, but longer term if you are training hard, you should come up with a more balanced approach to your deit.
Also if you are an endurance athletes, forget low carb dieting - they need the carbs.