it may not burn as many calories off but it's better then nothing.
In fact it will. Running five miles, biking five miles, walking five miles all burn off about the same amount of calories, it's just a difference in the time it takes to burn them.
Now, perhaps it's just the Californian in me, but I really like doing the outdoor stuff, because along with the exercise I also get lots of sun, I'm breathing fresh air, and I'm more likely to find other idiots doing it with me. That can be critical, that finding another idiot to do this with because they then provide other levels of motivation. It makes it harder to do that 'I'm tried, so I just will skip today' - which becomes tomorrow, and the next day, etc. - and they can push you further, which is what a good trainer does, except they charge for it.
I ride a lot with my brother, who is a huge road rider, does 50 miles a day, 300+ days a year. Not me, I like the trails and mountains, the climbs and the bombs, the fact that that kind of riding gives me more of what I feel is a total body workout and not just the legs. But he has a mountain bike and a spare road bike, so we go out a lot together. He can push me on the road rides, and I push him on the hills. It's a nice trade off. And its hard for either of us to try to cop out on the other, because one of us will just say "shut up you wimp, get over here."
I also like the outdoor stuff because I think that being a part of the beauty and dynamics of change is also further motivation. Really, when I think of running on a treadmill or riding a stationary bike that stuff could bore a nuclear explosion back into its shell. And the key to any exercise program is that you have to keep on doing it. Sure you could target the weight, lose it, stop doing the work-outs, and pow! it's right back at you before you turn around. And the exercise is nice and all, but living in the real world has it's advantages too. Granted sometimes we're riding out along the river or Westside Road and we end up stopping at a winery, or two. Sometimes we pass by a brew pub and I guess we gain back whatever we lost that day, but so what?
Because I see it as not just some 'time set aside to work out' (that crap is way easy to give up on) to me it's part of the fabric of my life (much harder not to do), it's not just 'working out' it's just living. It's like I have this real weird part of my life, in that I often get off work at such a time that the bus I need to take home is not going to run for five or six hours. And it's 1,2,3 AM, so there is not a lot to do, even in SF (how many cups of coffee can you drink with crazy people anyway?). So I have really used that time to walk and ride. I can ride down to the Embarcadero, along the Bay, out to the Bridge, over the Bridge, down into Sausalito, out around Richardson Bay, over a hill and down into San Rafael and then at least I'm having coffee with hip, trendy Marin types, and not crazy homeless SF types. And the beauty of that is breathtaking to say the least.
Or I'll just walk, and walking in SF is (or can be) an almost Olympic sport. Up the hill, down the hill, up the hill, down the hill, I love getting out to the area around the Bridge and walking through the old forts and bunkers in the moonlight, or being at the Bridge for dawn, walk 7 miles in SF and you'll be feeling it if you're not used to it. And its like a zero impact deal.