The thing about exercise is, until you get to the point where you are pushing yourself to the limits you wont see drastic results. Most of the obese people I see in my gym spend half their time sitting around, or cycling on the lowest level while reading a magazine.
The folks in this study were under close supervision, exercising fairly intensely. It's fun to trot out your favorite lines about exercise but that's not really applicable here.
Actually, no. Read the Times article. It found that the hunger produced by exercise could counteract the benefit. Another factor is the sense of entitlement that we get from exercise. Oh, I walked 3 miles today, I can have that muffin. Boom - weight loss benefit shot.