If you want to read up on it, I believe the basis of it's all explained in "Eat, Stop, Eat" ... I don't remember who by.
The reason it's good for weight loss is that for many people, if you only eat 3000 calories in the day you're eating, then it averages to 1500 calories a day, which is a 'weight loss' caloric intake for most people. I'm going to bet that although I don't have/haven't read the book, they don't recommend that you go down to a buffet on the days that you're eating. For some people even eating 5000 calories every other day might still get them fewer calories on average.
If you really are interested in the whole fasting thing, you may find you do well long term on the leangains intermittant fasting approach. It's less extreme than the every other day fast, but has some of the same benefits. Basically that you restrict the window of eating and therefore (hopefully) eat less, plus there are supposedly some advantages to fasting for more than 12 hours. Not sure if that's true, but if you like fewer big meals rather than the small 6 meals a day, it's a possibility. It's also supposed to work well with giving you a surplus right after you do weight training, but a deficit most of the rest of the time, so you could potentially gain muscle while losing weight. It seems to work well for some people, and not so well for others. YMMV.