I've been doing it for 10 weeks now and have lost 15 lbs. The key for me is not to over-eat on eating days (I used to log in MyFitnessPal to ensure I ate my correct calories but don't need to do that now, thank God). My first couple of weeks fasting were not easy but my body has completely adjusted and now I can even exercise on an empty stomach. I don't eat my 500 cals until the evening so that I can go to bed feeling full (which I like). I now seem to be able to get through the day without food just fine.
Persistency is key.
Plus good support - the 5:2 threads are great for moral support.
Results... Varies from person to person - you should see an average loss of 1 lb per week but that might come as a good loss then nothing or small but steady or nothing then incremental losses
I've gone back to taking a multiple cut with iron as my diet seemed jacking in iron according to MFP and am also taking evening primrose to help counter any mood swings though I don't think I've been too bad.....
For me the best approach is to survive all day on black coffee, herbal tea and diet coke then eat all my 500 calls in the evening and then I don't go to bed hungry....
Give it a try for a couple of weeks - but remember its eat a normal pattern for the 5 days not stuff yourself
I'm not sure that it does get easier. I know a few people who've been doing it for a few months, and are still utterly miserable on the fast days. They generally do less, go to bed earlier and avoid social events on those days.