I just finished mine the first week of July. I had great success. I dropped my BF% from 22% to 12%.
Yoshu is right about the BFL. It is a great frame work and it gives me a goal to shoot for. However, as you go w/ the program, u will find fine-tuning your diet and exercise will give you a better result.
Remember that BFL is designed for generic audience, which is why Bill doesn't spend time on all these different diet tweaks / details. He is try to make it as appealing as possible for all walks of life.
For me, I paid more attention to my cal. intake and Protein/Carb/Fat % Split. I didn't use his "portion" approach. It didn't work for me because I am a very analytical person and I need to know details, not just a fist full of carb and afist full of protein. But then again, that's just me. Because if you think about it, most people don't even have a clue of what they are eating thru out the day and ANY structured nutrition would help them.
As far as work out is concerned, I started doing more cardio half way thru because I want to enhance my fat loss process. I also lifted more than 3 times a week. But dont' get overwhelmed by it, it is all about how your body feels. if you feel like you can push it a little more, why not? (don't hurt yourself, of course). In any event, I think that it is a great kick-start program but would require tweaking to optimizie your result.