I disagree that cardio is better that calorie deficit. At least conventional cardio (low intensity). Yea cardio (especially on an empty stomach) will help you burn fat, but:
1. It is catabolic - causes you to LOSE muscle
2. It interferes with muscle building
3. It sucks
In the past, I have repeately tried cardio pre-contest and the end result has always been a loss of muscle mass. The same does not true for calorie restriction - at least for me.