I think you need to do a combination of the 2. The short runs during the week are to work on your pace & the long run on the weekend is focused on distance & endurance.
Short runs for pace and longer on weekends for cardio too. As you get further into training, you may want to do intervals where you run harder for 5 to 10 minutes and then an easy pace for a few minutes in between.
I like the run/walk method. There are lots out there to pick from - try coolrunning.com and go to training. I think there are some on runnersworld.com as well. You do run/walk intervals, building up your run intervals and cutting back your walk intervals. I found it to be a relatively painless and very effective way to get into running shape.
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