thevolvoguy- The intense cardio work will DEFINITELY be more conducive to good health (and gets it done faster, too). When you push your cardio-vascular system like that it adapts and gets better able to deal with such stress. The long duration/low intensity stuff is good for general, overall health (as in better than vegging out) but it won't really challenge/improve your body like the intense stuff will. I agree with Magellan498 about using both types of workouts, but I question whether something you can sustain for 2 hours (that you describe as low-medium pace) really accomplishes much. Even for building
endurance, you gotta challenge your body with something demanding and an in-shape guy your age usually HAS pretty good endurance anyhow.
Talk about endurance: a friend of mine (also in his 40's) bikes for HOURS at a REALLY intense pace and his cardio-vascular health is phenomenal. He does, however, look like he needs a good hamburger (or six) and he can't lift worth anything. He actually looks decidedly UNHEALTHY. All those hours of effort just burn away his muscle along with the fat. People keep asking if he's OK.
Ah, 200+ bpm...to be young and immortal.