I would prefer lower-carb and lower-fat dieting with some excersize thrown in for good measure. If you make the excersize fun...kudos! Chances are that you'll keep it up for years and get the weight down.
I eat low-fat...but not always, and i never leave the table stuffed. I avoid the red-meats more for my wallet than my stomach.
I go for a walk every night...for about 1 hour regardless of the weather. Gives me time to think, and has over the past year or two, knocked off a few inches from my pot..permanently.
Fuck Atkins...gimme my burgers and get out of my way...I'm walking this meal right off!