It is effective, FireDancer stated the reasons, there are also many sites out there (not advertisements) that explain HIIT or interval training and why it's more effective, they do make you weed through to find the accurate info.
I just recently started doing interval. I used to speed walk/jog on the treadmill for one hour at about the same speed, nothing too fast because I have back issues and can't "run" fast. I would enter my weight and other info and the readouts would say I completed 3 miles, burned 380 cals, 120 grams of fat. When I do interval --which isn't as vigorous as some people's interval but as I get stronger I may get faster... I speed walk @3.5mph for 5 minutes and then run @ 4.8 for 5 minutes and alternate back and forth for an hour. My read out now says I did 4-5 miles, burned 600 calories and 200 grams of fat. I know those stats may not be 100% accurate from the machine itself but I'm going with it.
I found it rough at first because I am not a runner and had to really dig to get to that faster pace but now when I do an hour at one speed...I'm bored to tears!! Interval has been contributing to my 1 - 2lb weight loss each week. I basically struggle through the 5 minute runs though, it is rough, knowing that I get to go slower in a few minutes keeps me going honestly lol. During my slower pace I use my ipod touch to go on facebook, drink some water, wipe sweat and prepare for the next interval. The first week I tried it I just did it 2 days and saw a 3.5lb weight loss that week.