I completely agree that exercise is very important in maintaining health (exercise, especially weight-training is know to increase insulin sensitivity to some degree, for instance), I just think its role in weight-loss, for most people, is greatly exaggerated compared to fixing a diet which actively promotes fat storage (going beyond a caloric excess).
We've been telling overweight people to exercise more and eat less (esp. fat) for 40 years, it simply doesn't' seem to work [1].
[1] http://www.nytimes.com/2012/01/01/magazine/tara-parker-pope-...