Fitness community?
I don't really think there is much of a debate, really, unless you are a magazine publisher and need to manufacture a controversy in order to sell magazines. Both types of training have their uses.
If fat loss is the main objective, both work, providing you modify your diet. And really, if fat loss is again the main objective, doing both is probably more effective than limiting your self to either LSD or HIIT.
There is a growing body of evidence that shows interval training (such as TABATA intervals) to be very effective in both fat loss and promoting fitness. The nice thing about intervals is that it takes far less time to do an interval workout, and burn an equivalent number of calories, than it takes to complete a long run. Plus it is far less stressful on knees, ankles, etc.
If fitness is your main objective (as opposed to weight loss) then you should be incorporating both into your training regimen as well. Jump over to CrossFit.com and look at how they incorporate both aerobic an anaerobic exercises into their training--you will see that they do both.
I'm really not a believer in the magic bullet--the one "best" exercise, way of training, etc, as promoted by the health magazines. But there are more effective and less effective training programs. FWIW, I think CrossFit has the best program out there.