Yup, as others have said - the refeed is intended to stimulate an increase in blood plasma leptin (which drops dramatically when calories are reduced for extended periods - as in the case of someone on a diet!).
Low plasma leptin is one of the reason why low-caloric diets eventually lead to a stall in weight loss - it also leaves you feeling lethargic and ravenously hungry!! Leptin is tied to feelings of satiety and it essentially orchestrates the usage/storage of bodyfat.
As such, leptin levels are closely associated with one's body fat percentage. The higher the bodyfat - the higher the leptin levels (generally)....so people with higher percentages (say upwards of 18% or so) likely won't benefit from regular refeeds.
In contrast, people with lower levels of bodyfat will benefit from more frequent refeeds. e.g., once you drop into the single digits, you can refeed once every three or four days to keep on losing body fat.
People make the mistake of thinking that once they start losing weight - they can stick with the same diet until they reach their desired goal. But the body fights this weight loss every step of the way!! It senses the lowered calories and BOOM leptin drops and the metabolism slows down to a crawl (weight loss stops!!) and people become frustrated (and give up the diet!).
The refeed essentially jump starts the metabolic process and encourages continued lipogenesis (fatloss).