I tried it - I lost nearly 25% my weight (down from 132 kg to 101 kg) over this year by eating less and walking on foot a lot more. Eating less is certainly having a lesser effect than it did at first, but I'm still losing weight bit by bit.
Had a friend take notice, so he took it up himself. Dropped the best part of 60lbs (27kg) over the course of the year. Very different diet, but again tracked everything he ate (again, often to the gram) and lifted weights instead of walking. He was baffled with how simple it ended up being, but was pleased with himself nonetheless.