My favorite part of this article was a part in another article linked in the "Related stories" section:

Indeed, exercise was more strongly associated with weight loss than any other factor, including diet. Overall, the more the women exercised, the more weight they lost.

http://www.time.com/time/health/article/0,8599,1827342,00.ht...

So yeah, diet is more important than exercise, and exercise is more important than diet. Glad we solved that, thanks Time.