could you tell me how much of a change there is when done on an empty stomach as opposed to done just at a random time throughout the day?
I would be happy to.
Your body has a homeostatic range for your blood sugar level. Your body is constantly trying to keep your levels within this range. When your blood sugar level gets too high insulin is released by your pancreas to bring it back down. Conversely, when your blood sugar levels are too low your pancreas releases a hormone called glucagon to bring your blood sugar level back up. Glucagon promotes the release of hormone sensitive lipase (HSL), whose job is to break down fat cells to liberate fatty acids and dump them into your blood stream where they can be used as fuel.
In other words, the sooner you can stimulate the release of glucagon and HSL during your cardio, the more efficient it will be at burning primarily fat calories for fuel.
Lets assume you sleep 8hrs per night (as you should). During the night your body is fasting, ie you do not have a caloric intake during this time period. This fasting process has a significant affect on your blood sugar level. The next morning when you awake, your blood sugar level will be low. So when you awake your body is already primed for the release of glucagon and HSL due to the already low level of your blood sugar.
If you take in a few meals early in the day and then do your cardio, you will have a homeostatic, or quite possibly, a high blood sugar level. So a significant percentage of the initial portion of your cardio session will be spent using the sugar in your blood for energy, and bringing it's level down, until it is low enough to promote the release of glucagon and HSL.
Based on these facts it is only logical to conclude that the most efficient times of the day to do your cardio (if your goal is fat loss) are when your blood sugar levels are low. These two times are first thing in the morning, and immediately after your weight training. However, it is highly anabolic to stimulate an insulin spike within minutes after the last set of your workout. Since the release of insulin is in direct opposition of the release of glucagon, it is absolutely counterproductive to do post weight training cardio. Either you have a post workout shake and do cardio, which is pointless due to the insulin spike, or you skip the shake and due your cardio, which does NOT promote muscle growth. Therefore cardio done on an empty stomach first thing in the morning is the preferred method.
10-15 grams of amino acids and/or 15-25 gm of 100% whey protein should be taken before your morning cardio to prevent muscle catabolism.