Atkins type diets do work in helping people lose weight, researchers assert this is due to a reduced calorie intake and appetite satiation, many proponents originally talked about ketosis but most now admit that calorific deficit is the primary motivating force.
However, I personally would err on the side of caution as it's effects on insulin are very measureable, and contrary to popular belief insulin has many other functions than controlling fat storage. Most worrying is that insulin is an anabolic bone agent, bottom line suppression of insulin may lead to osteparosis. Combined with the fact that many who use the diet are already in high risk osteo groups female, over 45 and exercise little the diet may contribute to increase sufferers of osteoparosis.
Restricting the intake of fruit and vegetables is also likely to effect body systems due to lack of essential vitamins and minerals. OK you can supplement, however trying to ensure adequate loads of 'vits and mins' in tablet form poses many of its own difficulties and pitfalls.
Everyone can do exactly as they please but be careful.