Using the term intensity doesn't really get you anywhere in this kind of topic. Intensity varies from person to person. You might think that high intensity means 60% max heart rate, while a well conditioned athlete would scoff at that as high intensity. Instead of intensity, I think we should refer to threshold. Are you doing bouts of anaerobic intervals for 15-20 mins vs. 50% heart rate for 40 mins? In that case, then yes, the 20 min workout is widely considered to be more effective. However, is your high intensity merely a 70% max heart rate workout where you still stay aerobic for the entire duration? Then in that case, it may not be better to do half the amount of time. As you can see, intensity is quite relative.
Problem is, if you go out and do too many of these anaerobic workouts in too short amount of time, you will cause too much stress on your body and burn-out horribly. As trevor stated above, variety is key. You want to be able to get the cardio in often, but you cant always do an anaerobic workout. So a nice healthy mix of the two is generally your best bet.