Mostly so I can help others, but also for feedback, I'd like to show my progress and what I've learned these past 7 months:
This was me in April 2008:
I'd always been chubby as a teenager and soft around the middle as an adult (I'm 29 now).
This is me now (August 2010):
Although the pictures are over two years apart, they represent about 12 months' progress. If I knew what I do now, I think I could have probably done this in 6 months (I'm saying this so that others can gauge their sense of time).
In my experience, the following are the most important things for both cutting fat and buildng muscle:
1) Time
2) Patience
3) Diet (this is 90% of it) = lots of vegetables and protein.
4) Heavy, compound weights no matter whether you are going for fat loss or muscle gain. (This is the remaining 10%) - e.g. Mark Rippetoe's "Starting Strength".
The following are things that I used to worry about but have learned that they don't matter or are relatively unimportant:
1) Details - get the main things right and you'll do fine
2) Perfection -a missed meal or workout here or there is nothing as long as you don't make it a habit
3) Meal frequency - once a day, six times a day, whatever - just pick what you prefer
4) Supplements - unnnecessary. I take some for health (fish oil, multivitamin, a little whey protein, creatine when I start to bulk), but for the most part, they are a rip-off in a business run by con artists. It's hard to sort the genuinely helpful ones from the snake oil.
5) Aerobic exercise - I did zero aerobic exercise between those two pics. Sure, it's good for you and highly recommended, but it isn't compulsory to burn fat. Diet is far more important.
6) Isolation exercises - not for beginners. You want to get strong first. To do that, you need squats, benchpress, deadlift, overhead press and bent-over row.
Things that are perhaps unusual about me / my routine:
1) I'm vegetarian but still manage my daily protein intake (more than 1g per lb of bodyweight) - egg whites, cheese, vegetarian alternatives like Quorn or "meat free" meats, whey protein as a supplement, cottage cheese, soy milk
2) I'm really small for a guy (5' 4", current bodyweight 110lb = 50kg = 7st 12lb) - it's amazing how little you weigh when your bodyfat is down low. I will bulk up, but being too fat has always been my problem so I wanted to cut first. The most I've weighed was 10st, but that was around 25% bodyfat...
3) I only eat in the evenings. This is not some magic pill for fat loss or muscle gain, simply that it makes meal preparation easier and I also find I enjoy food a lot more. No matter which meal frequency you pick (as long as it's more than once every 24 hours), your body will get hungry at the time you feed it. It takes about two weeks to adapt from one frequency to another. Your muscles will not "eat themselves" if you don't eat every 3 hours....
Current lifting stats:
Deadlift = 5 x 106kg (2.1 x bodyweight)
Squat = 5 x 93kg (1.9 x BW)
Bench = 5 x 70kg (1.4 x BW)
I also do weighted chins (BW + 18kg) and dips (BW + 26kg) but consider these accessory exercises.
Most important learning resources for me have been:
http://startingstrength.wikia.com/wiki/Starting_Strength_Wiki
http://www.bodyrecomposition.com/
http://www.leangains.com/
I hope this is useful for others.
(I've also started a blog on my two favourite hobbies - health and wealth -
www.PoundCounter.com - where I hope to post something every day that distills what I'm learning in both nutrition/exercise and finances/economics.)