I've lost over 50-60 lbs since last year. Bulk of it (30-40 lbs) was within ~5 months. The way I did it was mostly through exercise: at the peak, I was doing an hour of cardio a day, 5-7 days a week.
I began (in December of 2006/January of 2007) with 15-35 minutes of cardio, three-four days a week (with intensive weight lifting). That got me back into the pace of exercise; weight lifting created muscles which consume fat when I do cardio. I also targeted the muscles closest to the biggest fat deposits (abdominals, legs) more. After I built up more strength and created a pace (roughly March 2007), I switched to nearly daily work outs with 30-45 minutes of cardio, which grew to an hour of cardio. At this pace I was doing at least 3500 calories a week.
In mid-to-early May, I've reached my initial goal, a normal BMI (for my height it's 174 lbs, down from 200+ lbs). Weight loss became even more rapid after that. 165 lbs by mid-to-late June, 155 lbs during the fall and (stably, since mid-December) 145 lbs. I've remained at that weight since. (The only way I know the dates is I've kept a private diary).
It's been the second greatest improvement I've made to my life (the first greatest improvement would be going to college): I've gained enough confidence to resume dating, I've found myself having more time, I've found myself having more energy to do work. I work 8-10 hour days followed - with occasional crunch time and hackathons - while doing a masters part-time: about equivalent, if not greater, work load than one would have as a startup founder (This brings me to another point, yes you do have time to work out).
As for diet, the only real changes were:
- As little white flour as possible (substituted with whole weat). There is minimal difference in taste/enjoyment, but there are less of the "bad" carbs.
- As little refined sugar as possible, no high fructose corn syrup at all. Splenda in it's place. In reality this means: make your own tea, drink water (and in the worst case, diet Coke). Dump the junk drinks (and that means dump Bawls and Jolt Cola too - diet Rockstar).
- Moderation: don't eat when not hungry, don't starve myself (starvation only puts your body into an energy conservation mode). Less eating at night, less snacking. Smaller portions.
In case you want proof:
http://rn86.net/~af/badge.jpg (April 2006, this wasn't even at my worst! Just as I began working full-time)
http://rn86.net/~af/photobooth.jpg (few weeks ago)
Hmm, perhaps this deserves a full fledge blog-post.