I've tried fasting diets in the past and I have actually found them to be pretty effective to give you a boost and shed some weight fast before you continue your exercise, but they're impossible (and unhealthy) to maintain. This is not such a diet though, and it really makes sense. You won't burn as much fat as during a longer fast-diet (ketosis and all that, look it up) but you're still obviously eating less calories, which will obviously make it effective.
As for training, I don't train every day so it's fine. I go to the gym maybe 3-4 times a week currently, and if your fasting for two days a week then it's obvious you can get that amount of training in without having to do it when you're low on energy.
Haven't really tried it yet though, but as I said it makes sense. I'm currently getting the exercise I need but I eat too much, and this seems like a sensible way of cutting down to me.