Just to be clear, I believe LC works. The mechanism by which it works probably has nothing to do with ketosis, and more with the effects of protein on leptin and leptin sensitivity.
But yes, at the end of the day, it's calories in/calories out. That equation doesn't mean that all diets are equal at the end of the day; different dietary strategies have differing effects on leptin, insulin, and leptin and insulin sensitivity, which affect both how hard/easy it is to follow a diet.
On both a physiological and an self-experimental basis, the best strategy is a cyclic LC approach (i.e., high protein, low carb, low calorie with occasional postworkout high carb refeeds).