While true, I think there's more to the mix than that. For the last 9-10 years I've stuck with a high-weight-few-reps approach, and I've found that while my strength has increased a lot, I by no means look bulky. I'd think most people would just place me in the "possibly working out" category if they saw me in a t-shirt.

Biking, on the other hand, which I for the most had a brief encounter with to shed 45 excess lbs 10 years ago, I found built huge leg muscles. My biking had much more in common with the low-weight-many-reps-strategy.