Strength training with a cardio aspect tied into it is a great way to tone overall. Even for men, the big steriod out look is over (not to mention by age 40 your body is shot and you look more like the Goodyear blimb).
The problem is of course doing these types of exercises on your own in a crowded gym is difficult. Gyms (at least the better ones) are starting to offer classes that provide lifting in a fast pace environment where you are also keeping your heart rate up. Good classes are far from the days of Olivia Newton John Jazerise days.
If I had a dollar for every 35+ man I saw swinging heavy weights improperly at the gym with no hope of ever getting rid of their gut I'd have enough money to tell my employer they can keep this job.