I think that it is very hard and dangerous to do this properly; I attempted earlier in the season to cut some weight without losing power and it is doable but you just have to be really careful about your calorie in/out in comparison to the work that you are doing. I think trying to run around a 600-800 calorie deficit each day is doable while still training moderately hard; I found that you just have to be really diligent so that you don't over stress yourself. I dropped 5 kg's in around 2 months just by trying to keep really accurate tabs on my work done and intake; you just have to make sure that when you start to get worn out or do anything with real intensity (training>tempo zone) you keep yourself well fueled and rested.
I say it is dangerous because if you miscalculate or push too hard during recovery periods or stuff like that you just end up wearing yourself out really quickly; your body doesn't have anything to fall back on when you are running a caloric deficit. Or thats the way it felt, occasionally on endurance rides during this weight loss period I would push just a little too hard (getting into the high tempo/ low threshold power zone instead of the preferred high endurance/ moderate tempo zone) and the fatigue that came with it was much greater than when you're just trying to maintain weight or training normally. One other thing that I will say is that it can be really hard to live a normal life when your doing this type of training; I found myself wondering how many calories everything I ate had and I kind of stopped going to restaurants because they fall outside the realm of easy caloric tracking. You also have to account for things like your resting metabolic rate and things as simple as long walks or a long time on your feet doing yard work can really throw off the balance. Those activities are much harder to track kj wise than a bike ride. There is a really good section at the beginning of Allen Lim's cook book "The Feed Zone" that talks about all this if you want to explore what I was talking about more.
Sorry for geeking out there for a second but I love this kind of stuff!
Its a really fascinating side of cycling that I feel is not debated nearly as much as things like training composition and I think that proper diet and balance of work and intake can lead to huge gains. You might lose some snap but the endurance and threshold gains that it can give are amazing.