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Top 10 reasons why exercising ("burn"), not dieting ("starve"), is the superior method of losing body fat:

The most effective fat-burning programs in the world always contain two types of exercise - weight training and cardiovascular training. The reasons to include both could go on for pages, but here are the top 10:
1. Exercise increases your metabolism.
2. Exercise creates a caloric deficit without triggering starvation mode. 
3. Exercise helps you sleep better and manage stress better.
4. Exercise (strength training) tells your body to keep muscle. Dieting causes muscle loss. 
5. Exercise increases bone density.
6. Exercise helps prevent diabetes, control blood sugar, and improve insulin sensitivity.
7. Exercise improves cardiovascular health.
8. Exercise improves mood, helps relieve depression and increases self esteem
9. Exercise increasese mobility and quality of life as you get older
10. Exercise helps you keep the weight off long term.
The Science Behind Burning More, Not Eating Less
The role of energy expenditure in weight loss (diet vs exercise) is still the subject of controversy. For years I've been a strong advocate of weight training and cardiovascular training to "burn the fat" instead of just cutting calories. Take a look at some of the research-proven benefits of the "burn more" approach and see for yourself:
“Strength training may have greater implications than initially proposed for decreasing body fat and sustaining fat free mass. Research suggests that adding exercise programs to dietary restriction can promote more favourable changes in body composition than diet or physical activity on its own.” 
-Stiegler, Sports Medicine, 2006
“Treatments relying only on energy restriction commonly cause substantial loss of lean tissue…” - Walberg, Sports Med, 1989:
“Increasing daily activity and regular exercise plays an important role in weight maintenance due to an impact on daily energy expenditure and a direct enhancement of insulin sensitivity.”
- Astrup, Int J Vitam Nutr res, 76:4, 2006”
“Physical activity is a critical factor for successful body weight regulation. Physical activity facilitates weight maintenance through direct energy expenditure and improved physical fitness.”
- Saris, Int J Obes relat Metab Disord, 1998:
“Reduced energy expenditure appears to facilitate weight gain in individuals susceptible to obesity."
- Saltzman, Nutr rev, 1995: