I think everyone's got to find their own groove and just because Weight Watchers works for one person, or this diet or that diet, you have to find what works best for you, to suit your own lifestyle.
Here is what (so far) works for me and has the added benefit of keeping me reasonably sane! I work in high level management and have a lot of stress. I find that often during the day, I am so busy, I don't really get hungry. But, I will find my mood starting to drop and I get irritable, which I think is my body's way of saying I need fuel!
Anyway, during Monday to Friday, I try and eat well, make good choices as best as I can and refuse myself any treats. I don;t underat (I love my carbs!) but I will try and reduce my fat content significantly, avoid butter on bread, or sweets, that kind of thing. I go to the gym three times a week and I really work out hard. I try to do about 5 miles on the bike and then about 2 miles running. I stop when I'm really stinky! ;)
And then Saturdays, my favourite day....it's my 'day off'. I am allowed to eat, drink and do whatever I want.
Maybe that's not a healthy balanced approach, but I find that if mid-week, I want something naughty, I can tell myself, 'You can do that on Saturday'. I find that because of the exercise, I can deal with a day off and it doesn't affect my weight too badly. I seem to be able to lose 2lbs a week doing that.
Of course, Christmas is the next challenge as I am away and won't be able to go to the gym, but I think everyone gains a little weight over Christmas! I will just try to fit in a good walk each day, just to help counter-act it a little.
That's what works for me. :)