Ok, I know I won't settle this argument, but I'll tell my story (along with a few other points).
1. I had always been in shape until I turned 27 and got a desk job.
2. One day I looked in the mirror and couldn't believe how much weight I had packed on.
3. I tried low fat/low calorie dieting and was hungry all of the time and lost about 5 lbs in one month.
4. I heard about Protein Power (another low carb diet) and gave it a try. On Protein Power I lost 5 lbs. per week.
5. On Protein Power, I felt week and slightly dizzy. I read a little more of the book and found that this could be due to low potasium. I bought potasium supplements and within a few days I was fine, and in fact had more energy than before I started.
6. After losing about 10lbs. on Protein Power (and 5 from before), I started lifting weights again. Within 2 months, I had lost 30 lbs (from 178 to 148) (I'm 5'5") and looked better than I ever had. My body fat had dropped to between 7% and 8%, and I had packed on quite a bit of muscle.
7. Results of being on Protein Power - Positives: I was not hungry all of the time, I felt like I had more energy (after the potasium), no after lunch carb comas, never any gastro-intestinal problems (this means great poop), looked like a body builder.
8. Results of being on Protein Power - Negatives: When I do cheat and eat sugar or a big dish of pasta, I see it quickly (as in I gain fat fast) and I get headaches and gastro-intestinal problems (this means I get the runs), metalic taste in the mouth if I'm hardcoring and getting no carbs at al (due to the ketones).
I haven't had my cholesterol checked (ever), so I can't really comment on that. I believe that studies show an increase in HDL's and a decrease in LDL's, which is what you really want, but studies shmuddies, if it's not the case for me, I don't care, and for me I don't know.
But all in all, I'd say it worked pretty well for me.
Just as an aside, for those detractors who are also vegetarians and/or are anti-red meat. At one time in our evolution, we had a related line of bipeds known as the Austrolopithicus Aferinsis and Africanis (pardon the spelling). Interestingly, we and they had the same size brains at one point in our respective evolutions. Yet, over tens of thousands of years, our brains kept getting bigger and theirs stayed the same size (500cc's if I remember correctly). Then, slowly, they became extinct as our smarter ancestors pushed them out, ate them, whatever. So, for whatever reason, we meat eaters survived. Whether it be because the greater amount of protein in our diets allowed our brains to grow bigger, natural selection which required us to be smarter to make tools to hunt, or whether we just ate the silly vegetarians, I don't know. But I do know that I'm here and they aren't.