Fat Burner Vest guy shows some science behind it... never tried for weight loss
I've tried it on my own and I think it is a good addition to other things that you're utilizing to contribute to weight loss. The methods that I liked and thought gave me the best were the cold shower (especially before bed time) and the ice packs on your neck while you're getting ready for bed. They seems to also help put me into a better sleeping state just do to the cold which was a nice added benefit.
Joel Luedke MSe, ATC, CES, PES
There's definitely science behind cold therm upregualting metabolism, but I've also seen studies showing that this effect is counteracted by increased appetite when subjects are allowed to eat ad libitum. Thus, monitor your food intake and make sure that it remains consistent so that you do not delete the fat burning effects of CT by eating more! Plus, if you're in a heavily trained state, it's a nice way to avoid overtraining and still get some fat burning on a recovery day. Ice therapy is not going to do more for weight loss than diet and exercise, however. I'm assuming you already eat a BP diet, so this probably goes without saying!
With that said, there are some other benefits besides just fat loss. I do enjoy CT myself; I take a cold shower most days and occasionally will do a longer full immersion ice bath. I'm not seeing any "magical" fat burning effects; the biggest gains from my experience have been neurological. I feel increased wakefulness, calm, and mental clarity afterwards. Similar to a meditation.
It's definitely something that you need to do some personal experimentation with. The research that I have seen thus far shows highly variable responses from individual to individual. Plus, if it's something that you end up finding miserable and stressful, then the costs probably outweigh the benefits.