the growing wisdom is that the more you exercise the hungrier you get. that's fine. the problem is that then people feel like they have a free pass to splurge. i suspect that kind of habit is greater in obese people.
edit: personally, i feel less hungry after exercising, and more in control of what i eat. when i don't exercise, it is often related to some negative change in my life (sick, deadline, down-ness), and i'll tend to either eat much less or search for unhealthy food.
i've been the exact same weight for the past decade, so calorie in/out-wise i've settled into an moving routine. of course, where those calories sit has moved around. the kinds of sports i play effect where my muscles and excess fat are. my trimness and energy levels change, even if my weight does not.