There's quite a bit of information out there about the various sorts of intermittent fasting people are doing. Some people do longer, less frequent, fasts. Some people combine it with other diets.
My intermittent fasting looks like this:
For eight hours from midday until evening (the exact times shift a little based on my waking and sleeping schedule; 2PM to 10PM is a pretty common schedule for me), I eat like a responsible adult. Minimal junk food, desserts in moderation, try to make my meals balanced, don't eat too much sugar or simple carbs. I don't deny myself anything I crave, generally speaking, but I try not to eat garbage. I am also a vegetarian, occasional vegan, but I've been doing that for 23 years...it is unrelated to my current diet and fasting.
During the other 16 hours of the day, I eat nothing and drink nothing with calories. I drink water and unsweetened green tea (iced or hot depending on the weather; right now, it's summer and I'm in Texas, so it's iced tea). I don't drink coffee, but I normally don't drink coffee so that's not a change. Some people who fast drink coffee without sugar or dairy; I assume it has no or very few calories.
I never stop drinking water and don't know of any evidence that supports dehydration as a beneficial practice. I'm not seeking spiritual enlightenment or going on a hunger strike, I'm trying to maintain good health as I age.
The goal of intermittent fasting (as practiced by the folks I pay attention to) is to force your body to improve insulin sensitivity and to reduce caloric intake by 20-30% without having to count calories or give up favorite foods.
I don't know if it's the optimal practice, but it seems to be working OK for me, so far. I have lost about 15 pounds (and I'd lost about 5 pounds before that on a reduced calorie diet), which averages out to a little less than a pound every week since I started. Weight loss has slowed somewhat in the past month or so. I have begun lifting weights a couple times a week, though, so that may be offsetting my weight loss with regained muscle.
You probably need to come up with a fasting schedule that works for you and fits your existing daily routine. Skipping breakfast was easiest for me, and I know I have trouble sleeping well when I'm hungry, so eating late in the day is the right schedule for me. 16/8 is a reasonable balance, for me, as well. I find it's really quite easy to maintain; I go to bed two or three hours after my evening meal and then sleep through the next eight hours of the fast. Then I've only got five or six hours to go after I wake up before eating. I sip tea through that time, and most days barely notice my hunger.
I don't know if I'll do this forever but, assuming evidence continues to mount about the benefits of caloric restriction and improved insulin sensitivity, it seems like I'll keep at it for the foreseeable future.