I guess it really depends on your goals. If weight (i.e. fat) loss is your goal, building muscle is your best bet because (a) building muscle requires a great deal of energy and (b) muscle cells are inefficient in that they consume a lot of energy even when not being used...this is obviously a good thing in regards to the above goal. With that in mind, you should do things that optimize building muscle. Nutritional requirements aside, there are only two things: lift and rest. The lifting aspect is a no-brainer for most people...it's the resting part that people screw up. The important thing to remember is that you are not building muscle when you lift. You are tearing up muscle. You build muscle when you rest and this is why you continue to burn calories at an elevated rate after lifting but don't experience the same effect after cardio. You get more out of lifting for an hour than you do running for an hour because you get that bonus after effect from lifting. Given that, doing things that interfere with rest will interfere with muscle growth such as working a muscle too soon (48-72 hrs is the recommended rest time between lifting sessions for a given muscle group) as well as depleting your body of nutrients when it needs it the most (umm...such as cardio immediately after lifting).

I'll recap:
-lift for the best fat burning
-rest a given muscle group 48-72 hrs
-cardio before lifting
--warms you up for lifting
--does not cheat muscles of nutrients after lifting when it's most needed
--consume calories and protein immediately after lifting to aid in building muscle (there is a 30-60 min window when nutrient uptake is at it's greatest...also a good time to consume creatine if you do that.)

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