The reason for doing it is that there is research showing huge health benefits in terms of reduced risks of cancers, heart disease and increased longevity, plus increased brain function in terms of things like memory. Don't get me wrong, I have half a stone to lose and I won't be sad when this gets rid of it, but that isn't my primary motivation....
you can find out more about it here if you are interested!
http://www.bbc.co.uk/programmes/p01387cv
The 500 calories should be spent on nourishng food. the days need not be consecutive.
I have done it before, a few months ago, and felt amazing, really energetic...I wasn't running at that time though so just wondered how that fits in.