Amen to the value of muscle, but don't downplay the calorie burning aspect of lifting weights ...
I wore my heart rate monitor to the gym this morning for a half hour of weights and half hour of elliptical intervals. I hit my highest heart rate of the session doing a set of bicep curls! According to my HR monitor, I was above 90% of my max heart rate for that set.
My average HR for the entire hour - weights and cardio - equalled 75% of my max heart rate, which would be considered a moderate intensity cardio workout. If you don't rest long between sets and push yourself with the weights, your workout will be cardio as well as strength training.
Bottom line: both cardio and weights are important for fat loss.