Yes indeed. If you transition your metabolism to a ketogenic state, only deriving your carbs from vegetables and a very limited amount of nuts (almonds, pistachios), you will see remarkable results in blood sugar control, weight loss, and energy levels.
There is a lot of good information out there that gives greater detail and supporting research and data. I would recommend Diet101 by Jenny Ruhl (a member of this forum), Wheat Belly by William Davis, and Dr. Bernstein's Diabetes Solution.
I dropped from 205 to 175 in around 3 months and have leveled off there, which is my ideal BMI of around 23 (I'm 6ft). This is the first holiday season where I did not feel bloated or where I gained weight. I've also shed my carbohydrate cravings in the process (this can happen pretty quickly, in fact. Even within the first couple of weeks).