My experience with my own weight loss and riding has been that I have lost little to no weight. 10 lbs over 4 months so far. Granted I have not been eating perfectly.. I am attributing the slow loss to muscle gain. My inches are definately reducing. My wedding ring fell off in the shower yesterday. I looked at a recent photo of myself and saw a difference.
But since January, I have only lost about 6 lbs. Keep riding. The pace of weight loss should pick up after a certain point. I think I am on the verge of that myself right now.
Riding will increase your metabolism, as will increased muscle mass.
Taking Iowa's technique of drinking lots of water has sped the process up somewhat. However, I am still not motivted enough to kill my social lunch hour at work for healthier food. I figure my evening commute home on the bike will take care of those calories for me.
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Sailing and Cycling make the world go 'round. Quietly Too!