I did this diet for almost a year and didn't "feel" any adverse side effects. I made sure to get my fats from good sources like olive oil/flax(dont touch the stuff now) fish oil, nuts/seeds and occasionally things like heavy cream. I refused to trim my steak at anytime though, that's sacrilige. I've never been a big fan of bacon honestly so I kept that to a bare minimum. My training was good, energy was good and I leaned out a bit, know I got a fair bit stronger and was honestly the first time I noticed I had a set of delts. In saying this I never "counted" green fibrous veggies and ate them to my hearts content. Which was a lot. Spinach and me where best pals. I must admit this was mainly because I was and still am a little, carbophobic. It's the dumbest thing, but I still keep in check if I eat too much rice but honestly wouldn't think twice putting down a whole jar of peanut butter.
Anyway at the end of it all I got my bloods done to "be sure" and caus I was curious honestly. All cholesterol, LDL/HDL, triglycerides etc etc where some of the best my Doc has ever seen. This is more than likely caus I'm a healthy young buck anyway and not a decrepid sickly person that I'm sure Doc's are used to seeing. So take with a grain of salt or side of bacon.
I don't eat this way anymore. Carbs and me a begrudging friends.