The New York Times is running an article today describing new research which shows that under controlled conditions exercising prior to eating leads no significant weight gain and no development on insulin resistance compared to eating prior to exercising or not exercising at all. While not eating prior to exercise will not be able to improve your performance during exercise (think competitive athletics who "carbo load" prior to a big event), it is a strategy that is helpful for those considering weight-loss).
All of this evidence is presented in the subtext of overeating around the holidays.
The article goes on to describe research from Australia where scientists have "found that after only three days, an extremely high-fat, high-calorie diet can lead to increased blood sugar and insulin resistance, potentially increasing the risk for Type 2 diabetes."
So, to avoid overeating and gaining weight this holiday season, consider my recommendations and try exercising on an empty stomach.