Like Smidge said, if your HbA1c isn't around or below 6.5% then give it a go.
The reason it works so well, is that small amounts of insulin means smaller dosing mistakes. If you get your insulin dose right then you shouldn't go high and you shouldn't go low, right? The problem is, is that there is around a 20% error in the amount of carbs on nutritional labels, a 30% error in the amount of injected insulin that enters the bloodstream and if I were to give you a plate of food, you'd guess the amount of carbs wrong by about 20% (according to a study).
Therefore, if you cut down on carbs, you reduce your exposure to error. A 20% dosing error on 15g of carbs won't affect your BGs, but a 20% error on 100g will.
For me, switching to low carbs got rid of random highs and my hypo frequency is now one or two mild ones per month and I've not been in the 2s since I started, 2 years ago. I can now go weeks without a high, whereas before I couldn't go a few days.
Edit: one or two mild hypos per month, not week!