I think that it has a great deal to do with your personal goals and expectations.
If your primary goal is to lose weight at the fastest rate possible, and to develop a "buffed", well defined, "body builder" kind of body, then the evidence is pretty clear that you should focus on anaerobic exercise, mostly free weight lifting designed to work specific muscle groups in planned sequences.
On the other hand, if your primary goal is to develop a body that is permanently lean and slim, that is flexible and mobile, that has the capability to work at a high rate of effort for hours on end, then the evidence is equally clear that you should focus mostly on aerobic exercise, especially walking fast, jogging, running, cross country skiing, rowing, and swimming, with some supplement of low weight, high rep weight lifting.
If you look at most of the world class athletes, like those in the Olympics, you don't see very many "body builder" types. Most are quite slender for their size, don't have massive biceps or thighs or shoulders, and rapid, sustained movement, in a coordinated fashion is their hallmark.
The same is true for rock climbers, mountain climbers, brick layers, cement workers. They tend to have slender limbs, but with muscles which are strong and can work for hours on end, day after day.
Probably for most of us, a combination of the two approaches is the best answer. For myself, I am much more interested in having a slender body, that can walk in tough terrain and cast flys for 12 hours a day, much more so than looking like a muscle beach guy. And that is why my Nordic Trak ski machine is the center of my exercise efforts, backed up by high rep weight lifting.
Decide what you want, and then go for it!!
Keep on, keepn' on!