Luna and BecomingMaggie, it sounds to me like you were both exercising a lot, and then maybe burned out on it? BTDT, so many times...
People 'round here say it is 80% diet and 20% exercise to lose, and I know as someone who has tried to lose many times on exercise alone, it really does come down to the food.
That said, exercise is important for so many reasons -- cardiovascular health, bone density, etc. But it is also key to maintenance. I love
this article from the NY Times about the role of exercise in weight loss and maintenance. And remember, it's not worth all this work losing the weight if we don't keep it off! (If you can't read the article, PM me and I'll send it. It's really interesting!)
I agree with JayEll... rethink what it means to exercise, and also how often you have to do it. It doesn't have to be the gym 5-7 days a week. Go for a walk with a friend -- you'll have so much fun chatting you won't even notice that it's good for you! Do hand weights during your TV watching and planks during the commercials (I love doing this because it turns a sedentary, "bad" activity into something that's good for me -- hurrah!). Specifically, find something you enjoy and do it enough to see some benefits (defined arms! not so tired on the stairs!) but not so much that you are exhausted, dreading it, etc.