Yes. All diets that reduces you caloric intake works. I, personally, think it's great because my body reacts well to it. Some hate it because of the food choices (among other things), and the science guys says it really doesn't matter if you get adequate protein, and enough calories (though less than maintenance)
For the record - I lost 30+ kg in less than 6 months with no big strength loss (I got stronger in most case, some loss of strength in the less used muscles) which would indicate that most of my losses were fat.