I agree that exercise will not work to spot reduce. But for me eating low-carb has made the difference. I have only lost a few more pounds but have lost 3 pant sizes (down from 10 to 4) in about 6 months on low-carb that I was unable to lose in the previous 30 years. The reason is not calorie reduction but hormones, in particular the effect of less insulin on the body.
For more info take a look at some of the low-carb/paleo/primal groups on spark.