In one diabetes study (Newcastle Diet) they used this type of nutrition and found that a weight loss of 15kg or more in 8 weeks was associated with diabetes remission. But follow up on the trial showed that eating a normal diet after the VLC diet bought back both the weight and the diabetes for many of the 'responders'. They recommend that a starting BMI should be around 40 (obese)ir more to ensure you do not get underweight. The time limit of 8 weeks can be extended , but it is not advised unless under medical supervision. It is a short sharp shock and like most vlc diets it tends to end up with a revolving door. Many find they have to keep repeating the treatment, so I would not consider it sustainable in the long term.
I have been using the Low Carb approach instead for 8 years solid now, and my sugar and weight are quite well controlled on that diet.
The warning on gallstones is valid. Any ultra low fat diet can lead to gallstone problems because normally our bodies rely on having a reasonable flow of fat and hence bile to lubricate them an help remove them painlessly. Stop the bile, and they stick and cause pain. The converse is true too, a high fat diet such as LCHF can cause gallstones already in the gall bladder at the start of the diet to shift, and thus cause discomfort on their way out. Large ones that have built up over the years can be too big for the bile duct, and cause a log jam. Gall stones is a trial for us whatever, but low fat diet seems to be worse.
Edit to add. I think this has been my problem for the past couple of days - discomfort near the gall bladder position that was noticeable but not painful. Gone now, so presumably all is returning to normal.