Contrary to popular belief, running (or any type of steady state cardio or aerobic exercise, for that matter) is not at all necessary when it comes to fat loss. In fact, I would go as far as to say that aerobic exercise is just about as far down the usefulness totem pole as it gets when it comes to fat loss. Of course, the reason for this has already been covered in Part 1 of this series. When it comes to absolute intensity, the main determinant of how effective an exercise program will be for fat loss, aerobic exercise simply cannot keep up with other methods.
However, aerobic exercise isn't necessarily terrible either. The real problem, outside of a small absolute intensity (by definition), is with limiting factors.