Fasting is at root all about creating a calorie deficit. And fasting makes it easy. Fasting takes large chunks out of your weekly calorie intake. And it does so fairly painlessly too.
For example, say right now you consume about 2,000 calories to maintain your current weight, which is 14,000 calories a week. If you implement one full 24-hour fast once a week, your weekly caloric intake is reduced to 12,000 calories.
Will reducing your weekly caloric intake by 2,000 calories cause you to lose weight? Of course! The best part is that you didn't need to worry about counting calories or changing anything else. All you had to do was take a break from eating for a day.
If you eat the Paleo Diet on your nonfasting days, you will not only be able to reduce caloric intake further, if you choose, but you'll also take solace knowing that you're fueling your body with the foods you were designed to eat, the foods that promote health at a cellular level.
What makes fasting so powerful is that it does what other diets aim to do (reduce calories) quicker and with far less torment. Yes, skipping meals is still the best way to go about losing weight — always has been, always will be. There is no easier way to assume a calorie deficit than fasting.
Just remember that fasting won't make up for an otherwise terrible diet. You should use fasting in combination with a sound, healthful diet, such as the Paleo Diet, for maximum effects.