Truth. I actually did it twice in high school and even though I lost like 10 lbs both times it didn't stay off at all.The Atkins is dangerous and actually counter-productive. The second you stop with that diet, your body still thinks it's going to be starving and will start storing up fat at an acelerated rate to return to some form of homeostasis. So, in essence, you'll probably end up fatter after the Atkins diet than before.
Unless you're looking to drop a pants size in a hurry for a wedding you forgot you were going to next week, I wouldn't recommend it.