W = Force * Distance. When you lift weights, you're moving them 6 inches for things like the bench press, and maybe 3 feet for squats.
That simply does not compare to running for sheer calorie burn. You're running miles = 5280 feet.
Running is the best form of calorie burn, bar none. That's why it's recommended for excessively fat people, rather than weight-lifting.
When you get down to the lower body fat %'s, people suggest you switch to weightlifting only, simply because you don't need as big as a caloric deficit, and generating that big deficit when you don't have that much fat puts you in danger of losing muscle.
Also, having a heart rate of 200 BPM for an hour a day would kill you. That's the equivalent of a full, dead out sprint, for 45 minutes straight.
Still, when you reach the limts on how fast you can move the body you can still aproach the same numbers, a 100kg person running at 10Mph for 60 min can still burn around 1020 calories. But, again your force is not your weight.
However, running involves a lot of inpact strain on the body and tends to lead to long term problems.
PS: I don't know if this is a good idea, but I used to peg my heart rait at 190-200BPM for 45min to an hour a day.