I wish I could link you to the page in my Exercise Phys book. It goes into pretty good detail about the benefits of HIT cardio, as opposed to moderate cardio for optimal fatburning. As well as some graphs, and studies done on fat loss comparing low intensity, to hit cardio. Essentially....the lower intensity "fat burning zone", does hold some merit, in that at lower intensity, you burn a higher PERCENTAGE of fat, to carbs.
HOWEVER, at HIGH intensity, you burn MORE FAT CALORIES. Almost 50% more actually. That is, if you can maintain a higher intensity, which generally corresponds to 85%+ of your max heart rate. For example....5 minutes of sprinting won't do you much good, but if you can keep that up for 15-20minutes, you'll burn a greater # of fat calories, then if you were just say walking on a treadmill, or going easy on an elliptical for 45minutes. Now, granted, you burn a great deal of carbohydrates also. So HIT cardio usually isn't always practical, unless you have a decent amount of carbs in your diet. If you don't, you could potentially eat into your lean muscle mass, which none of us want.
I know there's a bunch of links on the web concerning HIT cardio research, but I'm running late for class, so I gotta run, hope this helped you out.
Brian