I guess I'll jump in on this. You can lose weight and reduce your body fat % from weight lifting only if you choose. I've done it mainly because I think that the traditional forms of cardio, 30-45 minutes on a treadmill/elliptical machine, are a waste of my time. Check out this article on the
tabata protocol if you want cardio that'll give you more bang for your buck. I don't care what size you are either because you can do this on a simple exercise bike.
Also, if you haven't done so already, I suggest that folks read Pavel's
Power to the People, which discusses a lot of what's been said here already. Just overlook his comrade shtick and that KBs are the best thing since sliced bread.
And, one of, if not the most important thing, that's not really being discussed here are calories! I don't care how much you lift or how heavy or how often, if you're not eating above your body's caloric requirement you ain't gonna get buff or build mass. Leo Costa's book
Big Beyond Belief explains this is a simple and straightforward way for folks who are looking to bulk up. Also, the opposite is true when you're losing weight. (Abs are made in the kitchen!)
Personally, I'm not interested in the sport of body building, so I could care less about bulky muscles and am striving for a lean look with hard, dense, muscles. And I can build this without stepping on anyone's god awful treadmill or elliptical machine again in my life. However, my cardiovascular fitness will not be that of a boxer or someone that does a lot of cardio. I'm OK with that, so it's all about your goals even though this may change since I'm getting interested in MMA. When you get the chance, read what Arthur Saxon says about cardio in his book The Development of Physical Power which was written in 1906! Full text
here. Let's just say that you wouldn't see him jogging or going for long runs . . .