I thought that this was a neat study, one that looked at aerobic power and body fat among children. The study measured "maximal power output", a close correlate of VO2 max, and compared that against body fat levels determined via skinfolds.
The result was almost a direct straight-line correlation, with the sum of skinfolds decreasing as aerobic power increased. The results held for both boys and girls, and across ages. The obvious implication is that increasing aerobic power should lead to lower body fat levels.