I do something similar to this as part of a lifestyle. I use a, again similar, 5-2 normal to less calorie ratio. Though this is more to do with my lifestyle than an attempt to cut calories. I am vegetarian and eat a pretty controlled diet anyway. The two days differ, for me, by simply eating fruit and veg and nothing else. I never do this on a training or active day. The other 4 or 5 days are spent active and/or training with a more calorie rich diet.
For my lifestyle and chosen diet, this method has served me well and become second nature.
Many pro cyclists keeping their weight down adopt a similar approach with fruit and veg only days. It is also a good way to invite fruit and veg into your life should you not already have a good relationship with the good stuff.