I've been on the diet for 2 years now, so if you got any specific questions, I'm your guy! I'm 6'2 and at one point weighed 245 lbs. I went on a 'traditional' diet and lost about 20 lbs over a 6 month period (taking me down to 225), but then stayed there for 6 months, so it was time to try something new. After about 9 months on Atkins, I was down to 180, which was my target weight, so 45lbs in 9 months.
I stayed on it pretty religiously for the first year. At first its difficult getting used to not eating carbs, you have to analyze things very carefully. But fairly soon it becomes second nature. After you hit your target weight you can start eating a lot more carbs, as you just try to maintain your current weight. If you eat out a lot, its kind of hard to stay on it, as most restaurants either go for well-balanced meals (fat/protein/carb) or for low-fat meals (which usually mean high carb). Vegetables can be eaten in moderation, though some are worse than others (potatoes and beans for example are a no-no). When going out I normally get a salad, wings, ribs/steak (although the sauce on ribs usually has a ton of sugar), or something similar and skip the potato. If you eat at home a lot its usually not a problem. Steak/chicken/keilbasa/ground meat creation & green beans is a frequent meal at our house.
While exercise isn't required, I find that weight-lifting type exercises help out. Anaerobic exercise (weights) tends to burn carbs more effectively than aerobic exercise (running, aerobics, etc), so it helps keep your carb levels low. Plus it gets you in good physical shape.
For snacks I usually eat almonds, cheese, pepperoni (cooked in microwave for about a minute to make it crispy), protein shakes, or those carb solution bars (but don't go overboard on them). If you like to go out your best bet is some kind of sunday brunch bar or breakfast bar - you can load up on eggs, sausage, and bacon all you want. Just avoid the carby stuff there. At work, for lunch I'll usually go to Wendys and get a side salad and a burger, but just not eat the bun.
A lot of people say its dangerous, blah blah. I haven't been sick once since I started this diet. Not even a cold. I feel better than ever. Contrary to what someone else said above, I rarely fart now that I'm on this - I think carbs make you fart a lot cause I'd constantly be cutting the cheese when I was on a low-fat diet.

While its hard to give up junk food/carbs at first, now its not even a consideration for me. I feel guilty if I eat any carby foods and haven't eaten a piece of bread in 2 years. Most people who leave the diet do gain some weight back. I tried to stop once and go back to a traditional low-fat diet and put on 10lbs in 1 month (but lost it again pretty quickly). I realized its just as tough being on a strict low-fat diet as it is a low-carb diet, and I enjoy the low-carb foods more than the low-fat ones, so I'm basically staying on low-carb for the forseeable future - after 2 years it's just so natural now that it doesn't bother me. As I said earlier, after you reach your target weight, its fairly easy to stay at the same weight and still have some carbs. I'd generally cheat 1 day a week (not TOO overboard - maybe have pizza for dinner, or go to a chinese buffet and have some of the good stuff there (no rice though)) and be good the other 6 days and was able to maintain weight.
I ended up purposely bulking back up to 185 as I felt a little bony at 180. Since thanksgiving I haven't been too good about the diet and am back up to 195 currently and stopped exercising about 6 months ago. After christmas I'm going to get serious about it again and get back to 185 and just recently started working out again.
Let me know if you want any more info.