I'm treating it as "Atkins OWL" - ongoing weight loss - where you determine how many carbs you have to eat before you weight loss stops, then eat below that number.
I've actually been eating that way for about 4 weeks and lost 3 lbs, even with lots of "slipups" and not feeling deprived at all.
If you work out regularly, expect to feel more carb cravings, but try to use veggies and low-sugar fruits instead of bread or sugar. Some low sugar fruits include strawberries, cantaloupe, blueberries and raspberries.
Here's a link to Atkin's Induction phasehttp://www.atkins.com/Program/Phase-1/What-You-Can-Eat-in-this-Phase.aspx
And then add on the foods in OWL phasehttp://www.atkins.com/Program/Phase-2/What-You-Can-Eat-in-this-Phase.aspx