umbra is right about fat loss being achieved in that steady state, as the only energy system being used at that point is the one burning fat. however it also runs in the background during all the other exercise forms that use other energy systems.
all in all, if you want to keep it simple, go with umbra. why would you want to burn your glycogene or muscle mass, if your goal is to loose fat.
also very good hint is the drinking water one:
you have two satiety receptors, one measuring your blood sugar, and more importantly here: one in the stomach measuring the stretching of the stomach wall. so if you drink loads of water, the latter will tend to be satisfied : )
the former will over all be more satisfied with many smaller meals over the day, cause your blood sugar levels will be steady, whilst being too high after a huge meal, and too low during the rest of the day if you only eat one meal a day.
also, one meal a day can have either good or bad impact on the stomach stretch receptor, depending on how big or small that one meal is.
xant: our ancestors werent made to be obese or to actively loose weight, so that argument doesnt count when we are talking about a fat man wanting to loose weight, in an environment that isnt comparable to one in which our ancestors lived. unfortunately.
berenger is on to something as well, think of it in motorhead terms: a v12 will burn more gas then a silly lawnmower. if you have bigger muscles, mearly existing costs more energy the if you have small ones, not to mention actually moving about : )