You may not literally starve but you will find it extremely unpleasant and it could cause other negative health problems.
I too do the 5:2 and eat 500kcals 3 days a week, non consecutively. It is great for me, but has been sheer, unadulterated hell for colleagues who have tried it.
The low carb 800kcal diet, mentioned above, is far more manageable and has far fewer psychological problems, let alone possible health problems, that trying it at 500kcals/day over that period of time.
If you really do have a lot of weight to lose and have not found the usual diets work for you (for whatever reason) have a read about it, here and the MM website. It might suit you well.
And no, you will not necessarily bounce the weight back on. That happens when you return to your habitual eating patterns rather than a consequence of a specific dietary change. It can happen with any dietary change.