I do a very light version of it. I don't know many people who have the willpower, or who feel well, on absolutely no carbs. Atkins is vile - all that ham and eggs and cheese . Dukan is OK, but I still don't think it is a healthy way to live.
My version is manageable for me, and when I'm sticking to it, I can lose about 4 lbs a week on it (and I went from 12 stone to 11 stone 7 lbs in the first 8 days of eating like this last month).
Rules are, roughly:
I don't eat bread (well, maybe treat myself to one slice at the weekend) or any crap - no biscuits, cakes, ready meals, takeaways, freezer food etc.
I eat fruit and yogurt for breakfast and soup for lunch. The only snacks I eat are fruit or veg. I have a normal dinner, but only a very small portion of carbs (rice, potatoes etc). If I get a carbs craving (usually happens about 4 days in) I allow myself a slightly larger portion of brown rice or wholewheat pasta for dinner that day. I drink shitloads of water.
It really works well for me, and if you add exercise to the equation the weight loss is even faster.