There will be room for disagreement, but science is on the side of interval training (it jacks up your metablic rate and keeps it there long after you are done training. But listen to your body (bolded section in second graph). Check out these snippets from James Krieger:
A number of explanations exist for the greater amounts of fat loss achieved by HIIT. First, a large body of evidence shows that high-intensity protocols, notably intermittent protocols, result in
significantly greater post-exercise energy expenditure and fat utilization than low- or moderate-intensity protocols (1,4,8,14,19,21,25). Other research has found significantly elevated blood free-fatty-acid (FFA) concentrations or increased utilization of fat during recovery from
resistance training (which is a form of HIIT) (16,17). ... Finally, a number of studies have found high-intensity exercise to suppress appetite more than lower intensities (6,12,13,22) and reduce saturated fat intake (3).
Overall, the evidence suggests that HIIT is the most efficient method for achieving fat loss. However,
HIIT carries a greater risk of injury and is physically and psychologically demanding (10), making low- and moderate-intensity, continuous exercise the best choice for individuals that are unmotivated or contraindicated for high-intensity exercise.
View the whole thing here:
http://www.wsu.edu/~strength/hiit.htm