it's horrible.
your body needs sugar, without it you can't even burn fat*.
you can exercise for about 2 hours before you run out of sugar, sometimes a bit more, usually a bit less. It's a bit like someone's pulled the plug on you, and it can take days to recover from.
everything turns to 5h!t when you've bonked; it's very hard to concentrate, and your moral collapses.
(*you can, but it doesn't work very well at all)
for years i thought the way to beat it was to man up and train harder. i'm an idiot though.
ride bikes? – eat cake!
Shorty: No – once you've bonked you can only burn fat by also burning protein; your body has to eat it's own muscles if you want to continue. you will lose weight, but slowly, you'll also lose muscle mass, and you'll have a very unpleasant time.