Here's what I know and tell people in my seminars: "Eat more!"
The eat less, exercise more equation does not work for many reasons. First, you can eat more. No, not Snickers, Snackwells, and Skittles. However, if you are eating a healthy diet, you can and should eat a larger quantity of food and more frequently. I tell people: "If you are hungry, eat." Which of course, busts another myth ... eat any time of day. Yes, if you wake up at 3 in the morning and are hungry, by all means ... eat.
Most traditional diets fail because of the eat less part of the equation. If you are eating less, you will feel deprived and most likely are using willpower to eat less.
Deprivation and willpower will only take you so far. At some point, you will give up.
So, effective immediately, please ignore eat less, exercise more!