im interested to find out too, i started today

I, personally, wouldn't count the pedometer. You need to be eating your BMR, here's an article that explains why: http://www.myfitnesspal.com/topics/show/3047-700-calories-a-day-and-not-losing. There's a formula in the Olivia Method that states how many calories you can burn without eating them back so make sure to stick to that as well.

I must admit I just started this method as well, but after cutting my calories for over 9 months I started plateauing with 80 pounds left to loose. I'm hoping that by eating more and fueling my body (as well as making the gym more of a priority) I will finally start to see some changes.

Just a final note: Your BMR is what your body needs to survive if you were to lay in bed all day (so if you eat less you're not even fueling your body enough for a day expending zero energy all day). And depending on how much you have to lose it may not be possible to lose 2 pounds a week. Look for good, consistent loses.

There are two 'rules'. Try to eat at least your BMR, regardless of what the green number is. Have your daily deficit (green number) below 1000.

I find that if my deficit is 1000 for a few days in a row I feel run down. So if I have a high deficit one day, I aim for a lower one the next (closer to 500).

Example
My BMR is "1,506" (according to MFP tools), I try for at least 1550 just to be safe.
My maintenance for sedentry (so I log all additional activity) is 1880.

If I eat 1550 and don't exercise, I have deficit of 330.
If I eat 1550 and exercise less than (BMR - (Maintenance calories - Maximum deficit)) = (1550-(1880-1000)) = 670, my deficit is less than 1000.
If I exercise more than 670 calories, I need to eat until my deficit is less than 1000.


Both 'rules' are important for overall health and weight loss. (Overall health also need healthy food, not just the right calories..)