I don't use that approach now, but I was at my leanest ever when I did do it. My lifting sessions were in the evening, so I would work out fasted and eat a ton after my workout up to bedtime. The pro's were that it worked great for me and that I could basically eat whatever I wanted to during my window and it didn't seem to matter. I also don't have a big appetite normally, so going all day without food was no big deal. Green tea (warm, freshly steeped) helped a lot with this. Not sure if it was something in the tea or the fact that it was a warm drink, but that did and does pretty much kill my appetite.
The biggest con was that eating became a job. From about 8PM until 11PM, 7 days a week, my job was to eat. I was very strict with it, so dinner out with the family was very weird, I'd just sit there while everyone else ate.
The other downside was having all those calories jammed into my stomach at once. I think I know how an anaconda feels after swallowing a large animal whole.