I followed this diet to a "T" in 1996-97 and it did not work well for me. During the week (no-carbs) I barely had enough energy to complete my workouts. Intense leg workouts completely wiped me out. My training partner told me I looked pale/sick during our workouts... I guess I looked exactly how I felt.
During the weekend (carb loading period) I always felt sleepy. After eating I needed to take 1-2 hour naps due to the insulin rush. I also experienced severe moods swings. I did lose some fat, but I didn't really grow at all. My muscles always looked and felt flat, except when working out.
Conclusion: You need carbs for training intensity, muscle fullness and growth.