There really isn't a true consensus on the subject. Pick whatever option you like best (or create one of your own).
1) When you wake up and exercise on an empty stomach, you start burning fat stores faster because there is no food (glycogen stores) that your body can use for energy. Therefore you don't have to work out as long to get the same result.
2) Eating a small meal before working out in the morning gives you something to pull energy from. You will therefore be able to work out harder because you won't be as tired, and therefore burn more calories.
Both of these statements are true. Sadly, the first 15-20 minutes of aerobic exercise you do doesn't burn any fat because you have to burn off your glycogen stores from the food you've eaten. Exercising in a fasted state (before breakfast) means you don't have to burn off your glycogen and can just go straight to burning fat. However, you won't have as much energy and may stop sooner than if you had eaten before.
Either way you go, as long as you burn more calories than you consume, you will lose weight. It's really just a matter of preference. Since I work out in the afternoons/evenings I don't have an opportunity for fasted workouts. But if I switched to morning workouts I would personally save breakfast until after my workout unless I knew it was going to be a really tough workout (for example: a one hour training run).
Please remember: When you eat is MINOR compared to what you eat!
"You are now watchin' the throne. Don't let me into my zone. Don't let me into my zone.
I'm definitely in my zone."