Check out this post:
http://www.uk-muscle.co.uk/measureme...your-diet.html
I'd say that regardless of how often you are eating, if you do not consume enough calories to cover your Basal Metabolic Rate then the body is likely to go into starvation after a period of time. Not recommended.
If you read the post, it tells you that after adding your activity level to your BMR cals you can effectively take 20% or 500 cals off and this will lead you to lose weight.
It's a long read, but worth it.