Advantages?? Less total intake there for weight loss HOPEFULLY fat loss by keeping protein High and good fats coming in. Also sanity as opposed to that of the V-Diet as you know you get food tomorrow. Also in theory you SHOULD lose a good amount of fat by every other day getting more intake and not letting your metabolism slow to much.
Disadvantages. Less recovery, less performance/strength/gains due to once again less total intake. You MAY put on a bit of fat on those workout days but I dont see that panning out in the long run. I mean you are also working harder/expending more on days eating. I would try and get most in right around the w/o if the goal is fat loss and a nice big whack of carbs before and after training to refill the glycogen to refill the muscle to attempt to keep gym performance up
Anyhow worth a try and I did kind of this same thing just becasue I was busy as hell in grad school. Made eating easy and I leaned out a bit and kept/made some gains though my intake on off days was a bit higher than the V-Diet and I alway had one meal for breakfast the rest was shakes and oils.
Give it a whirl and let us know,