The difference between high intensity interval workouts and steady state exercise
There are some solid differences between steady state exercise which utilizes the aerobic system and high intensity interval work which utilizes the anaerobic and also the phosphegen system in the body. Steady state aerobic exercise is that which lasts 30-40 minutes or longer and is an efficient way to burn fat as well as glycogen (taken from carbohydrates). It is best used to train for endurance events however can lead to less muscle mass and a decrease in ability to maintain high intensity for longer periods. It can also lead to better fat burning.
High intensity exercise, however, like HIIT workouts; circuit workouts and strength workouts have their place as well. They use the anaerobic system which doesn't use oxygen so the workouts in this metabolic system cannot last very long however they do the plus side of burning more calories in a quicker amount of time and can lead to more muscle mass, more powerful movements and an increase in lean muscle mass.
Steady state exercise, as I said, is good for endurance events. As a distance athlete I use the aerobic system almost exclusively therefore burning fat as well as carbohydrates for fuel. Steady state exercise can also be good for those that are more unfit, overweight or haven't the cardiovascular fitness yet for high intensity exercise. It can lead to better program adherence as the beginning exerciser is not overwhelmed by how difficult the exercise intensity is for them to maintain.
So the overall take on this is that if you are a more fit individual; training for a shorter athletic event and have the cardio to handle the higher intensity you should definitely incorporate this into your exercise program. If you are still building healthy habits and working on your fitness steady state is better until you feel ready to pursue the more intense workouts. Also if you are training for an endurance event some speed work may be a good way to add some power to your running, swimming, biking but the main part of your workout should be low to medium intensity working on distance primarily.
There are many arguments for and against this. This is just my ideas about it. Working for years with both fit and less fit clients I know that program adherence is ultimately the most important goal of a trainer or coach. You want the person to feel comfortable with their level and use it to instill daily and weekly habits before you throw in the speed workouts/ HIIT workouts or more advanced strength workouts. As someone once said to me "A trainer's primary goal is to put themselves out of business. The client should be able to take what I teach them and go on their own into their own personal health journey without assistance. The habits should be ingrained enough, the form naturally correct and the cardio fitness improving day by day."