Oh shit man, you just opened the biggest can of worms there is in BBing...
Theory
Steady state cardio at low-intensity (upto 65% MHR) will use mostly fat for fuel since it is long duration (and the intensity is not high enough to call on either the Phosphagen or Glycogen.lactic Acid systems, but the aerobic one)
The more you approach your anaerobic threshold (around 89% MHR) you will burn sugar for energy and not that much fat.
Logic would dictate one should do cardio when the body is at it's lowest level of carbs, hence the morning (after an overnight fast) seems lilke a good idea; where if you do cardio after downing a whole lot of carbs you will first need to burn those easily available carbs first (since your body LOVES to run on carbs and not on fat -for a number of reaons I will not detail here.)
PERSONAL OPINION
I will say it again, what matters is Cals in vs Cals out.
If you do cardio in the morning and then poig out during the day, well go figure. If your calories are low enough, you might not even need the cardio (we are all different).
I do cardio 6x/week, not in the morning, but at the other time of the day when I am carb-depleted: RIGHT AFTER LIFTING... "Oh shit Pintoca, that is catabolyc, what ever happened to your Window of opportunity for your PWO shake... this is wtong"... well, I lift, jump on the elliyptical for 45 mins and then have my shake...so far is not killing me.
I guess you will need to try both methods and see what works best for you, however, don't let a tight schedule, a good bed or something else put you in the timeframe "shit, If I don't do my cardio in the morning on an empty stomach, is not worth doing it...", better done AT ANY TIME OF THE DAY than not done at all.
As for intensity, I don't follow that advice either: it it feels to easy, probably it is. You want to burn as many cals as you want in the time you alloted to cardio, to do that you need to up the intensity. As simple as that, keep some % points below your anaerobic threshold (where you feel you cannot go anymore) and you will be find... for people in their 20-30s this is normally in the 150 beats per minute range or so. (sounds easy? try keeping that for 45 minutes straight...
Let the bashing begin