I've been a huge proponent of going to failure with "big" lifts.. bench, squat, pull-ups, dips, rows, etc.. no time-wasting isolation lifts (curls, tricep pushdowns, crap like that). I get in the gym once a week for upper body and I'm done in 1 to 1.5 hours, I don't do any lower body due to my cycling training schedule.. but the once a week upper body dealio keeps me looking like a sligtly above avg person. Otherwise the large amounts cardio with minimal upper body stress turns me into a girlie man with mega thighs... if I was more serious about winning races, I wouldn't lift at all, but that's another topic.
Anyway, my point being, that if I wanted to put some serious size on, I'd break my lifting schedule into a 3 days/week schedule focusing on large lifts going to complete failure in 2 sets per left /w minimal weight warm-up set and 1 set going to 75% failure as additional warmup. Regarding cardio, 2 days.. could be more, could be less.. depends on your ability to gain muscle mass and how fast you wanna strip off the fat.
Wanna lose fat, don't do cardio at or above lactate threshold (ie high intensity, when the legs start to burn).. take it easy (10% below that legs starting to burn, gasping for air point), and do at least 40 to 60 minutes per session. Get a road bike, get the bike shop to perfectly fit you on the bike and ride it, one of the best low impact workouts you can do for very lengthy time periods... remember you wanna get your body to burn fat as energy (that why you're keeping the intenisty controlled), otherwise you're using glycogen stored in your muscles, which is what is being used during high-intensity muscle stress, ie lifting. BUT, along with your cardio you need to build muscle mass, esp the large groups, upper legs (quads, very important), back, chest.. more muscle mass the more calories your body burns at rest.
As I get older, and hopefully wiser, my focus has been cardio fitness with enough weight training to keep a well balanced yet lean physique. Hence 1 day of weights, and loads of cardio, then again I race bikes.. 157lbs, 5'11", ~8-9% BF, but can bench 160lbs to failure for 8 reps.. good enough for me.
ugh.. a little long winded, back to my tunes...
mike