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It worked really well for me during my biggest period of loss. The will power was the trickiest thing to overcome. Not the fasting before leaving for work but the temptation to smash every rasher of bacon within a 300m radius into my face before lunch.
That leveled out after a while though and I got used to nothing in the morning, muesli or something light for lunch and then just a regular dinner.
Starting to taper myself back onto a similar plan now after a few months of laziness.
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Some people using other means of fuel control, such as what precision nutrition recommends: http://www.precisionnutrition.com/calorie-control-guide
Then follow the 90/10 rule, eg 90% good, 10% have some beer, junk food etc.
Of course that still requires some discipline, but maybe worth a go?
I cycle to work fasted, but it's just 3.5 miles. If you want to burn more/eat later, take caffeine tables these also suppress appetite nicely :)
And if you are paranoid about muscle loss....BCAA/Creatine (cheaps on myprotein) have some science behind them.
What's the current thinking on fasted commutes/morning rides for weight loss and improving fat-burning? Calorie counting was boring the shit out of me so I gave up and predictably am yo-yoing like crazy