A recent review of the literature (see here) found that we couldn't say whether high intensity exercise was any better - or worse - than low intensity exercise. An earlier study (see here) had suggested that both resistance training and aerobic exercise have advantages. Another study (see here) suggested that combining exercise with modest weight loss provided additional benefit. Another study (see here) found that exercise with physiotherapy helped self-perceptions of pain, stiffness, and functional ability and the distance walked in 6 minutes.
So.. what's the message? Keep active, keep trim and try some physiotherapy.