I think that timing carbs is of great use while cutting, at least if you don't want to sacrifice strength (i.e. muscle).
I've followed Diesel's guide, and yes, in 10 weeks, it will get you down a lot of %. I was at my most cut after 10 weeks of strict Diesel's guide, and aside from watching fat... my diet was pretty haphazard, just not a lot of food. Stuff like, a sandwhich on whole wheat, with one slice of bread cut in half....
I ended up with like 1600 - 1800 calories a day for 4-6 weeks, and it's tough. Energy is down, strength is down, and hunger is waaay up. As long as my portions were small, i could eat what I wanted tho (to an extent).
During this time... I think I went from like 3-4 reps @ 225 on bench to about 4-5 reps @ 185 or something? My weight dropped from 190 - 170 in 10 weeks.
I didn't like the strength loss/muscle loss tho, and I've become more content with holding onto chub for a little longer if my #'s can still stay high.
I ran across IA's TCD (Timed Carb Diet) and have found good results with it, even though it's difficult to implement. I haven't been as strict lately, and that may be why my weight/body fat hasn't been coming off as I hoped, but it WILL work if you do it right... here's the link.
http://www.ironaddicts.com/forums/showthread.php?t=1761
Basically, the diet will advocate little to no carbs (i.e. 8 or less) for every meal and 6-8 meals per day. The other nutrient ratios are 40-50% protein with protein @ 1.5 - 2g/lb of bodyweight, and 40+% fat.... and he stresses fat being greater than 40%.
The only time you deviate from this is pre and post workout. Pre-workout you throw down some complex carbos, and post workout you hit your body with about 100g's of fast carbos, and then an hour later you have a 40/40/30 meal (P/C/F).
The reason I think the diet is slow, is because calories are still going to be high. We're talking something like 2500 calories for a 200 lb person, because you'll have 1.5g * 200lbs = 300g*4cals/g = 1200 cals from protein, and 1200 cals from fat.
The diet is slower than diesel's, so I wouldn't advocate it unless someone is content with a little chub, and would rather try to work on their bodyfat levels while keeping hard - earned strength. I think that Diesel's guide is a great sticky up there, because for the majority of people that NEED it, it's applying perfectly to them, because their strength loss won't be massive, because they don't have a big strength base to draw from....
my opinions...