What's Better Exercise: Biking or Walking?

The cyclist: quick, sleek, often clad in fun aerodynamic costumes. The walker: steady of foot, plodding, relentless. But who, in fact, is getting the best form of exercise?

This question came up between myself and the significant other as we prepared for our poor excuse for weekend exercise—traveling about 1 mile to drink at a bar. My point, from something I probably misremembered from high-school physics, was it doesn’t matter what kind of transport you use, because the energy required to get from point A to B will always be the same, and the briefer-but-more-intense bike workout will equal a longer-but-less-intense stroll. Also, how many images of sweaty, straining cyclists have you seen, compared to pedestrians going hard as a mofo on the sidewalk while dripping bullets? Walking just seems like a lazier mode of transit.