Here's a quick sample of the studies that "alternate day fasting" brings up on Google Scholar:
Alternate-day fasting in nonobese subjects: effects on body weight, body composition, and energy metabolism
And a summary, so you don't have to:
Subjects lost 2.5 ± 0.5% of their initial body weight (P < 0.001) and 4 ± 1% of their initial fat mass (P < 0.001). Hunger increased on the first day of fasting and remained elevated (P < 0.001). RMR and RQ did not change significantly from baseline to day 21, but RQ decreased on day 22 (P < 0.001), which resulted in an average daily increase in fat oxidation of 15 g. Glucose and ghrelin did not change significantly from baseline with alternate-day fasting, whereas fasting insulin decreased 57 ± 4% (P < 0.001).