Actually, South Beach does not advocate bacon or heavy cream. The premise is good fats (non-saturated) and good carbs (whole grains, beans, fruits and veggies). What you're describing is the old Atkins plan.
Sorry if it sounds like I'm preaching, but I've been following the SB way of eating for six or seven years. It really is a way of life that results in long-term weight management if followed correctly. Sure, everything in moderation, and I indulge myself on a frequent basis. But bacon, butter, and heavy cream are not foods advocated by the South Beach diet.
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