I think that, given a limited amount of time, I'd rather do exercise (cycling) than meditate, as it's a pretty good way of 'getting away from things' and thinking without interruptions, and I also get some physical benefits from it.
As Suzuki Roshi said "Sit Zazen. To live life without sitting Zazen is like winding a watch without setting it: It will run, but it won't tell you the correct time."
[1] Recordings of the talks at that retreat are linked from this URL: http://unfetteredmind.org/audio/podretreat.php?code=PAP#here They're the PAP01-PAP10 links.
Even though 2 hours seems like a lot, because of what it is (focusing the mind, learning to not overreact to external stimuli, stability of the mind), it makes people able to be very highly productive throughout the day.
I do think the concept of "limited amount of time" is a little flawed. Perhaps the real reason people shy away from meditation is that it's hard and takes discipline and willpower (in a good way)?
And you do have a kid. Huh:-)
Well, I do not have enough time for all the activities that I would like to do, so for me it's a very real concept. Proper training is hard and takes discipline in a good way too, so exercise has that one covered.
Frankly, some people are constantly working and don't have time to meditate. It isn't that they shy away from it because it is hard or takes discipline and willpower, it is because we live in a world that (unfortunately) gives us a limited amount of time during the day that we can spend awake consistently if we don't want to possibly damage our health.
If you're "constantly" working, then that's a choice you made, right?
[edit: just realized I sound kind of like an ass. I shouldn't speak for other people. Just read this as me talking to myself :)]
I guess the point is that for me, exercise is probably more efficient, time wise, in terms of benefits/time, and also includes some of the mental things that I think meditation must give you, but of course it's a fairly personal thing, and to each his own.